[Funding alert] Kaar Technologies raises Rs 30 Cr from BlackSoil
, a pure-play SAP digital transformation consulting and services partner, has raised Rs 30 crore ($4.036 million) in acquisition financing facility from alternative credit platform BlackSoil Capital.
The Chennai-based company said it will use the funding to fuel its inorganic international expansion in the United States of America, thereby strengthening its presence in North America.
Founded in 2005, Kaar Tech offers consultation, implementation, and support of SAP-based enterprise software solutions to enterprises across the world to improve their business processes. The company claims to be one of the largest pure-play SAP players that partners with customers in the US, the UK, Bahrain, Kingdom of Saudi Arabia, Kuwait, Qatar, Oman, and UAE.
With an employee strength of more than 950, Kaar Tech has offered services to 350+ clients.
“The evolving business landscapes have led to the emergence of multiple growth opportunities for Kaar Tech to tap into. With the current landscape of SAP and projected adoption of SAP driven Digital Transformation, we are quite confident of our growth in the North American subcontinent. With the acquisition financing facility from Blacksoil, we look forward to building on the relationship with them over the coming years,” said Maran Nagarajan, Founder and CEO of Kaar Tech.
“With COVID-19 acting as a catalyst to a paradigm shift in digitalisation, Kaar Tech is in a prime position to capitalise on this demand. Along with a strong history of successful implementations and a robust management, we look forward to supporting them in their journey. We are also excited about their planned acquisition in the US, which will facilitate Kaar Tech to quickly increase its foothold in North America,” said Ankur Bansal, Co-founder of.
BlackSoil currently manages an alternative credit platform consisting of an RBI-registered NBFC and four SEBI-registered AIFs. Through multiple platforms, it has built a quality loan book by deploying Rs 2,500 crore across 135+ deals and having an AUM of Rs 1,000 crore.
Some of BlackSoil’s noteworthy investments include recently turned unicorns –and , B2B unicorn , online platform for refurbished used cars and soonicorn – , furniture subscription platform – Furlenco and Rooms, among others.