Godrej & Boyce, the flagship company of the Godrej Group, announced that its business Godrej Security Solutions is launching a technologically advanced, CIS based currency counting machine, with a goal to increase its market share in currency handling products market from 6 % to 15% by 2024. This estimated growth and need for more innovation in this category is a result of a gap in the market with regards to the technology that can accurately detect denominations & fake currency. As per the NCRB records, high quality fake currency seized in 2020 was more than ₹92.17 crore
Godrej Security Solutions, a prominent security solutions player, has always been in the forefront of pioneering currency handling solutions not just for the banking sector but also for retail and commercial sectors. While the currency handling market is flooded with numerous indigenous and imported brands, Valumatic pegs itself to be differentiated promising maximum accuracy in currency handling. With an advantage over the current 3D and color sensor value counters, Valumatic clearly stands out as a winner owing to its ability to accurately detect denominations & fake currencies of over 10 world currencies, ability to capture image and serial number, connectivity to printers for reports generation and easy software upgrades.
Commenting on the launch of the Valumatic and overall market for Currency handling machines, Mr Pushkar Gokhale, Vice President and Global Head, Marketing and Sales, Godrej Security Solutions, said, “The demand for cash handling products is likely to be driven by various factors and insecurities arising due to economic slowdown during the pandemic. The market opportunity is significant, and we are expecting an estimated sale of 1000 Units per year, with growth of 15% YOY.” With a leading market share in institutional security solutions in India, the new product launch will be backed by a customer touch-point network of over 300 + channel partners.