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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Cloud infrastructure costs
Funding the cost of cloud hosting and infrastructure used to run the company's SaaS platform.
Research and product development
Investing in research, design and development of the company's products and platform.
Purchase of computer systems
Buying computer systems and IT equipment needed for business operations.
Inorganic growth and general corporate purposes
Funding unidentified future acquisitions and other general corporate purposes.
(₹ in Crore)
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Capillary Technologies India Limited is an Indian software-as-a-service company that builds AI powered, cloud native loyalty and customer engagement software for enterprise brands. The platform brings together loyalty program management, engagement automation, rewards and a consumer data platform under one integrated suite, letting brands run end to end loyalty programs and build a unified view of their customers. The business traces its origins to 2008 and is headquartered in Bengaluru. It has grown into a global operation serving several hundred enterprise brands across more than 30 countries, spanning retail, fashion, food and beverage, hospitality and other consumer facing sectors, with well known clients drawn from apparel, quick service restaurant and consumer goods categories. The company expanded its consulting and loyalty strategy capabilities through the 2023 acquisition of Brierley, a US based loyalty consultancy. Capillary is backed by a group of global private equity and venture investors, including Warburg Pincus, Sequoia Capital, Avataar Capital, Qualcomm Asia Pacific and Filter Capital, alongside its founder promoter. A large share of the company's revenue is generated outside India, particularly in North America, reflecting its positioning as a global SaaS vendor built out of India rather than a purely domestic software provider.
The company raised approximately 394 crore rupees from 21 anchor investors at the top of the price band, 577 rupees per share. Domestic mutual funds, including SBI, ICICI Prudential, Kotak Mahindra, Axis, Aditya Birla Sun Life, Mirae Asset, Edelweiss, PGIM India and Union, took up roughly two thirds of the anchor allocation, with the remainder going to international investors such as Amundi, HSBC Global, ValueQuest India, Matthews India Fund, Optimix, PineBridge, Hornbill and InnoVen Capital India.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 5:30 AM
Established SaaS loyalty leader
Capillary has built a market leading position in SaaS based customer loyalty and engagement software across Asia, the Middle East and beyond, competing on an AI driven product suite.
Integrated AI powered product suite
Its offering spans loyalty management, engagement automation, rewards and a consumer data platform, letting brands run end to end loyalty programs from one stack.
Broad global client base
The company serves several hundred enterprise brands across retail, food and beverage, and hospitality in more than 30 countries, reflecting broad based demand for its platform.
Scalable multi region cloud architecture
The platform supports multiple languages and currencies on a cloud native base, letting it serve large multinational deployments without heavy customization.
Return to profitability
After several years of losses, the company turned profitable in FY25 and remained profitable in the first half of FY26, pointing to improving operating leverage.
Customer concentration
A small number of large enterprise clients account for a disproportionate share of revenue, so losing even a few key accounts could meaningfully hurt results.
Geographic concentration in North America
More than half of FY25 revenue came from North America, exposing the company to that region's economic cycles and currency movements.
Rich valuation relative to current earnings
The issue was priced at a high trailing earnings multiple relative to the company's still modest profitability, leaving limited room for execution missteps.
MUFG Intime India Private Limited
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Intense competition and fast moving technology
The loyalty and customer engagement software market is competitive and evolving quickly, requiring sustained investment in product development to stay ahead.
Data privacy and cybersecurity exposure
As a platform handling large volumes of consumer data across jurisdictions, the company is exposed to evolving data protection and cybersecurity regulation.