New Delhi, March 9 AI startup KaarTech announced on Monday that it has raised USD 11 million, approximately Rs 101 crore, in a funding round led by Playbook Partners.
The company plans to use the funds for strategic acquisitions in data engineering and analytics, and to expand its presence in North America and Europe, with the goal of going public.
"KaarTech, an AI transformation partner specializing in designing end-to-end Enterprise Operating Systems (EOS) across applications, data, and cloud, has raised USD 11 million in its Series B primary funding round, led by Playbook Partners," the company said in a statement.
KaarTech has achieved a compound annual growth rate of around 45 per cent and has generated over Rs 1,000 crore in revenue, it said.
This latest funding marks a significant milestone in KaarTech's journey towards an IPO. It reflects the trust placed in us by our employees, customers, partners, and stakeholders, and the disciplined approach we have taken in executing our strategy. "This partnership with Playbook Partners enables us to further accelerate our growth globally," said KaarTech Founder and CEO Maran Nagarajan.
Playbook Partners Managing Partner Vikas Choudhury said that KaarTech is a truly global player that has demonstrated exemplary value creation over the past few years. "We believe that KaarTech is uniquely positioned to capitalize on the growing demand for AI-enhanced enterprise capabilities."