KARACHI: TechnoSync Solutions has sealed a $20 million deal to install a network of 5,000 vending machines at various universities, hospitals, organisations and other public points across Pakistan.
The objective of the project is to transform retail business into an automated and digitalised world nationwide. It would take the two firms around five years to culminate the project, said an official of AMAN-Center for Entrepreneurial Development at IBA, Karachi which hosted the memorandum of understanding ceremony for the project.
The automated vending machines would offer products like snacks, cold drinks and chocolates and would be imported from Russia, said Azad Ahmed, Manager-Incubation & Outreach Activities at the Centre.
The startup TechnoSync Solutions is run by one of IBA’s alumni Fawwad Haider who started it two years ago and graduated from AMAN-Center for Entrepreneurial Development at IBA, the official said. Haider plans to move his office from the Centre to a proper functioning place in the next one to two months.
The firm hopes to kick off the installation process from the port city and plans to install three-four machines at IBA, Karachi, Haider said. “Gradually, the network of machines would spread all over the country.”
The project would cover almost all the 66 cities where IBL Operations operate, he said. The vending machines may offer product lines other than the ones made, marketed, distributed and sold by IBL {International Brands (Pvt) Limited} Operations.
“IBL sales grew from $8 million to $363 million in 1991,” according to its official website.
The firm is marketing and distributing products of more than two dozen companies, including of multinational companies, fast moving consumers goods, pharmaceuticals and searles.
