The 60-year-old G4S worker was loading a Santander machine at the Forge Shopping Centre in Glasgow at about 8pm on Tuesday when he was attacked by two men.
They approached him from behind, cut his hand and grabbed a box that contained a five-figure sum of cash.
The attackers made off in a stolen blue Skoda Fabia, which was found burnt-out in Inverleith Street a short time later.
The victim was taken by ambulance to Glasgow Royal Infirmary for treatment and is said to be in a stable condition.
The first suspect, who was carrying the machete, is white, 6ft and was wearing a light grey zipper, black trousers and black trainers.
The second suspect is white, about 6ft 1in and was wearing a black jacket with the hood up, grey tracksuit bottoms and black trainers.
Detective Inspector Alasdair Barlow said: “This was a violent and premeditated attack, and it is vital that we trace the two despicable individuals involved.
“Officers will be at the scene today conducting door-to-door enquiries as well as examining CCTV footage to establish the full circumstances surrounding the incident.
“The incident occurred near to the cinema and there would have been members of the public in and around the shopping centre at the time.
“I would appeal to anyone who noticed anything at all suspicious to please get in touch as you may have information to assist with our investigation.
“I would also appeal to anyone who was in the area of Inverleith Street shortly after the robbery took place, who may have noticed a blue Skoda Fabia or two men acting suspiciously, to come forward.
“Anyone with information is asked to contact the community investigation unit based at Govan via 101, quoting incident number 2813 of Tuesday January 2. Alternatively you can call Crimestoppers on 0800 555 111 where details can be given in confidence.”