Chennai: Former Chief Financial Officer of IT major Infosys Ltd, V Balakrishnan on October 16 joined city-based digital consultancy firm Kaar Technologies as an Independent Director.
A veteran in the information technology sector, Balakrishnan would also head Audit Committee of Kaar Technologies, its Chairman and CEO Maran Nagarajan said. "We are happy to welcome Bala. He joined the Board today" Maran told reporters here.
The company hopes to maintain the current CAGR of over 50 per cent and clock Rs 1,000 crore revenue by 2020, Maran said, adding that Balakrishnan's rich experience from Infosys would be utilised for growth of Kaar Technologies in the digital space.
"We are growing exponentially. Our CAGR grew by 50 per cent over the last few years. We hope to maintain that growth and aim to reach Rs 1,000 crore revenue by 2020", he said. To a query, he said the company also hopes to go public by 2020. "We are planning to become public listed company by then (2020)", he said, adding the company also requires to raise funds.
"Predominantly the funds raised would be for geographic expansion of the company", Maran said. The board is yet to decide on the funds to be raised, he added. Expressing happiness on joining Kaar Technologies, Balakrishnan said out of the USD 140 billion industry in the IT space, USD 100 billion comes from the services sector.
"I hope the next USD 100 billion would come from specialised sectors like the high-end consultancy firms and technology companies," he said. "I am very happy to join the Board of Kaar Technologies. I hope this will be one of the success stories that comes out of Chennai " he added.
On the occasion, Kaar Technologies also announced that the Board has decided to allot five per cent of the entire equity to the employees. The company, which has a global presence, clocked Rs 130 crore in revenue last year and expects to register Rs 175 crore this year, Maran said.
