IBA Alumni’s startup wins $20 million project to install 5,000 vending machines

A barely two year old startup has managed to secure a $20 million project deal to establish a network of 5,000 vending machines across Pakistan.

Started by an IBA Alumni Fawwad Haider, TechnoSync Solutions provides Retail Solutions, Virtual Desktop Infrastructure Solution, Integrated Software Solutions and Customer Communications Management services. They have now signed a memorandum of understanding (MoU) with IBL Operations Pvt. Ltd in an event at IBA’s AMAN Center of Entrepreneurial Development (CED) in the presence of the university’s acting Dean and Director, Dr. Sayeed Ghani to establish a network of vending machines at various universities, hospitals, organisations and other public points in 66 cities in Pakistan.

“Gradually, the network of machines would spread all over the country,” said Haider.

Haider also plans to move the startup’s office from CED to some proper functioning location in the upcoming months.

According to Manager-Incubation & Outreach Activities at CED, Azad Ahmed, the automated vending machines would offer products like snacks, cold drinks and chocolates and would be imported from Russia. The vending machines may offer product lines other than the ones made, marketed, distributed and sold by IBL {International Brands (Pvt) Limited} Operations.

Currently, IBL markets and distributes products of more than two dozen companies, including multinational companies, fast moving consumers goods, pharmaceuticals and cereals.

Source- Tribune