Leveraging the momentum of the retail growth, Elanpro, India’s commercial refrigeration company, announced the acquisition of 41% stake in Wendor, an early-stage smart vending startup. The investment aligns with Elanpro’s overall strategy to lead the shift in the retail industry’s convenience paradigm through AI and IoT driven solutions.
The strategic alliance will enable Wendor to harness Elanpro’s extensive network and industry expertise in food and beverage retail, accelerating its expansion in the cashless, 24/7 vending market. Under the agreement, Elanpro will support Wendor in establishing its manufacturing capabilities and navigating regulatory changes related to BIS. The key overarching objectives of the deal include expanding market reach, enhancing sales and service support, optimizing logistics and finance functions, and strengthening marketing infrastructure.
Founded in 2017, Wendor offers automatic, integrated, smart vending machines powered by its proprietary SaaS platform for dispensing items like snacks, beverages, FMCG, tech accessories, and industrial equipment. The self-serve retail startup uses AI and computer vision to boost vending success, analyze consumer behavior and product preferences, and optimize end-to-end refilling and stock management through data-driven demand forecasting. The company employs IoT for real-time remote monitoring, troubleshooting, and predictive refilling and maintenance. The pure-play startup has sold 1200 touchscreen, web-based kiosks across 60 cities.
Expressing enthusiasm about the partnership, Sanjay Jain, director, Elanpro said, “Convenience and automation are reshaping India’s retail experience. We anticipate significant, long-term growth opportunities in the vending retail market as it aligns with the inclination of Indians toward cashless transactions and tech-driven solutions. This investment is a key milestone in our vision of creating a comprehensive and competitive ecosystem beyond the retail store model, that offers greater value to retailers and consumers and creates new opportunities for D2C brands to contribute to the ecosystem’s growth. We look forward to supporting Wendor as they drive growth and amplify product innovation in hyperlocal markets.”
Wendor aims to sell 15,000 machines in the next five years. The two companies estimate the partnership will help generate Rs. 20 crores in annual revenue by FY 25-26. “We aim to democratize vending technology and make it accessible to everyone in India,” said Lakshit Anand, founder and CEO, Wendor.
“We were looking for a strategic partner to accelerate our growth and capture the rapidly expanding automated retail market. With Elanpro’s expertise in refrigeration and its top-tier distribution and service network, we’re confident we can drive new momentum, unlock further growth opportunities, and maintain our customer-first approach and culture. Additionally, their capabilities in quality control, supply chain optimization, and procurement will be key in supporting our continued success”, he adds.
Elanpro offers a broad portfolio of refrigeration products catering to hospitality, retail and pharma sector. Poised to become a forerunner in refrigeration technology, the company aims to consolidate its position by investing in new-age innovative startups, backward integration and service infrastructure. The company registered a revenue growth of 27 percent in the calendar year 2024 to Rs. 276 crore. The group recorded a turnover of Rs. 240 crore in FY 23-24.
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Naresh Khanna – 10 February 2025
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