Business-to-business (B2B) software consultancy firm Kaar Technologies raised around $30 million in its recent funding round led by A91 Partners despite an overall funding slowdown prevailing in the startup ecosystem.
Gautam Mago and Kaushik Anand, partners at A91 Partners, will join the Board of KaarTech, the company said on July 3.
"This association with A91 will bolster our ability to expand geographically and augment our services portfolio in-organically. In doing so, we aspire to be the partner of choice for customers looking for Digital Transformation journeys in SAP, Cloud ecosystem customer experience, Process Automation and Data Analytics blended with KaarTech’s core competence in Logistics, Supply Chain, Financial and Human Capital Management, " KaarTech co-founder and CEO Maran Nagarajan said.
Chennai-headquartered KaarTech plans to utilise the funds towards organic and inorganic growth across existing markets in the Middle East, the European Union and for a foray into the North American market.
Founded in 2006 by Nagarajan, Ratnakumar N, Selvakumar M and George Guardian, KaarTech is a software consultancy firm that specialises in Intellectual Property & digital services in the SAP (System,Application and Products) ecosystem with expertise in discrete manufacturing, professional services automation, process manufacturing and consumer packaged goods.
With over 2000 employees, KaarTech claims to have doubled its revenue in the last 24 months. Its operations extend to around 15 global regions, having executed its business over 2,500 projects with marquee customers like Aramco.
"Soon, KaarTech aims to be a listed company, going beyond SAP with their numerous IPs and a digital portfolio. With multi-million-dollar deals and expanding into new markets, KaarTech aspires to build a lasting Institution and become a prominent player in the Digital Transformation Arena," Nagarajan said.
The funding comes at a time when investors across sectors, especially SaaS, have slowed down investment as the startup ecosystem sees a valuation correction due to macroeconomic pressures.
KaarTech's deal will be the one of largest SaaS investment since the beginning of 2023 after a $53 million round in Course5Intelligence, $50 million in SafeSecurity and $45 million in Capillary Technologies.
In October of 2021, KaarTech raised a venture debt of around Rs 30 crore ($4 million) from BlackSoil.
In 2021, the firm had an employee count of around 950.
"Over the last decade, they have established themselves as one of the leading partners for Digital Transformation and SAP Consulting Services. We look forward to working closely with them in helping them expand their geographic presence in US and Europe and in their journey towards becoming a publicly listed company," said Kaushik Anand of A91 Partners.
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