[Funding alert] Kaar Technologies raises Rs 30 Cr from BlackSoil
Kaar Technologies, a consulting and services partner in pure SAP digital transformation, raised Rs 30 crore ($ 4.036 million) in acquisition financing facility with an alternative credit platform Capital of the black soil.
The Chennai-based company said it will use the funding to fuel its inorganic international expansion in the United States of America, thus strengthening its presence in North America.
Founded in 2005, Kaar Tech provides SAP-based enterprise software solution consulting, implementation and support services to companies around the world to improve their business processes. The company claims to be one of the biggest outright SAP players partnering with clients in US, UK, Bahrain, Kingdom of Saudi Arabia, Kuwait, Qatar, Oman and the United Arab Emirates.
With a workforce of over 950 employees, Kaar Tech has offered its services to over 350 clients.
“The changing business landscape has led to the emergence of multiple growth opportunities for Kaar Tech to exploit. With the current SAP landscape and the anticipated adoption of the SAP-driven digital transformation, we are quite confident about our growth in the North American subcontinent. With Blacksoil’s acquisition financing facility, we look forward to strengthening our relationship with them over the next few years, ”said Maran Nagarajan, Founder and CEO of Kaar Tech.
“With COVID-19 acting as a catalyst for a paradigm shift in digitization, Kaar Tech is in a privileged position to capitalize on this demand. With a solid history of successful implementations and strong management, we look forward to supporting them on their journey. We are also delighted with their planned acquisition in the United States, which will allow Kaar Tech to rapidly expand its presence in North America, ”said Ankur Bansal, co-founder of BlackSoil.
BlackSoil currently operates an alternative credit platform consisting of one RBI registered NBFC and four SEBI registered AIFs. Through multiple platforms, it has built a quality loan portfolio by deploying Rs 2,500 crore on over 135 transactions and having assets under management of Rs 1,000 crore.
Some of BlackSoil’s notable investments include the recently transformed unicorns – Infra.Market and Zetwerk, the B2B Udaan unicorn, online refurbished used car platform, and Soonicorn – Spinny, furniture subscription platform – Furlenco and OYO Rooms, among others.