Kaar Technologies, a Chennai based-consulting company specialised in SAP services, is planning to raise around Rs 40 crore through private equity (PE) to fund its expansion, product development and promotion.
The company on Monday opened its new data centre in Chennai. “We have invested Rs 2 crore in the centre and will be infusing another Rs 10 core for developing new products,” Kaar Technologies’ chief executive Maran Nagarajan said.
“We are currently in talks with PE companies,” he said. The company reported a turnover of Rs 21 crore in 2009-10 and expects to close the current financial year with Rs 50 crore.
“With all the investments yielding results, we should be touching Rs 200 crore by 2013-14 with close to 40 per cent flowing in from product space,” he said, adding once the company reaches this revenue target, it will go public by 2014.
As part of its expansion plans, Nagarajan said, the company intended to expand further into the MENA region and enter into newer geographies like Canada and the UK. At present, West Asia accounts for 50 per cent of Kaar’s revenues, 25 per cent from the Netherlands and 10 per cent from India, with the rest of the world contributing the remaining.