Chennai-based Kaar Technologies, a pure-play SAP consultancy company, on Tuesday said it has raised $4 million (around Rs 30 crore) from Mumbai-based alternative credit platform BlackSoil Capital.
The company said it will use the funds raised for inorganic expansion in the United States of America, thereby strengthening its presence in North America.
Founded in 2005, Kaar offers consultation, implementation, and support of SAP-based enterprise software solutions to enterprises to improve their business processes. It has customers in the United States of America, United Kingdom, Bahrain, Kingdom of Saudi Arabia, Kuwait, Qatar, Oman, and UAE.
“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,” Maran Nagarajan, founder and CEO of Kaar, said in a press statement.
BlackSoil’s alternative credit platform has concluded more than 50 debt transactions to VC-backed growth companies by deploying more than Rs 500 crore in the past few years.
Its past deals include hospitality major OYO, used cars platform Spinny, beauty products platform Purplle, rise hailing startup Vogo, logistics company Letstransport, and B2B ecommerce platform Industrybuying, and others.