Kaar Technologies, a pure play SAP consultancy company, is planning to expand into the European markets.
Former Chief Financial Officer of Infosys V Balakrishnan, who has joined the board of the Chennai-based Kaar Technologies, will head the company’s audit committee and help the firm grow into a ₹1,000-crore organisation by 2020.
Kaar is a high-end services firm in the new technology space. “I will mentor them in their growth and help Kaar in becoming a successful company out of Chennai,” Balakrishnan told newspersons.
Balakrishnan is also the chairman of Exfinity venture partners, a venture capital firm.
Maran Nagarajan, Founder and CEO, Kaar, said: “Balakrishan will bring efficient mentorship and positive disruption into the company.”
Balakrishnan’s induction into the board comes at a time when Kaar plans to expand its presence in European markets such as Norway, Denmark, Sweden, the UK, Finland and the Benelux. Kaar has a strong presence in West Asia with customers in sectors such as oil and gas, engineering and construction, Nagarajan said.
The target On the target of ₹1,000 crore from the present ₹175 crore, Nagarajan said the company has annually been growing at over 50 per cent and will achieve it if the same momentum is sustained. Kaar, which has nearly 700 employees, has over 450 projects being implemented with nearly 135 global customers, which include the Top 20 of the Fortune 500 West Asia companies.
Nagarajan said the company plans to raise funds for the next phase of expansion. He did not indicate the amount.
When asked if Exfinity would invest in Kaar, Balakrishnan said, “why not?” “Our role is to help smaller companies become big,” he said.
Exfinity in the next couple of weeks will close the first fund of ₹125 crore, and plans to raise the second fund of ₹250 crore by January, he said.