Vakrangee Limited, a penny stock backed by state-run LIC, is in the spotlight as it announces plans to expand its ATM network by deploying 3,000 new UPI-based ATM machines in the next financial year. The company, which is a constituent of BSE Smallcap index, currently has 6,050 White Label ATMs, with 76% of its outlets located in Tier 4 and 6 cities.
As part of this expansion, the company aims to bridge the financial accessibility gap in India and strengthen its position as a key player in financial inclusion and the ATM industry. The company’s Managing Director, Vedant Nandwana, said that the focus remains on bridging this gap, and the company is committed to providing simpler and cardless cash withdrawals through the new UPI-based ATMs.
The company has already received over 465 new applications for setting up new ATMs, reflecting strong demand and confidence in its ATM expansion initiative. Moreover, it has signed a pact with Tata AIG Limited and Shriram Life Insurance to provide easy access to comprehensive life insurance products across the country through its Vakrangee Kendra network.
As per the shareholding pattern, LIC owns more than 4% stake in the company, while promoters own 41.67%, and FIIs have 2.82% ownership. Insurance companies own 4.47% stake in the company. With a market capitalization of Rs 1,187.18 crore, the company is a BSE Smallcap company.