Capillary Technologies India Ltd. IPO

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Capillary Technologies India Limited is a global SaaS (Software-as-a-Service) and AI-powered customer engagement company that provides cloud-native loyalty and engagement solutions for enterprise clients. The company helps businesses build consumer and channel partner loyalty through intelligent, data-driven, and personalized engagement platforms. Headquartered in India with offices across the U.S., U.K., UAE, and Asia, Capillary serves over 410 brands in 47 countries, empowering global enterprises to enhance customer relationships through technology-led loyalty strategies.

As per the Zinnov Report (September 2025), Capillary is recognized as one of the global leaders in loyalty and engagement management, offering a comprehensive suite of end-to-end loyalty solutions.

Core Business and Operating Model

Capillary operates as a B2B enterprise software company, offering AI-based loyalty management platforms that help brands:

1) Acquire, engage, and retain customers
2) Run customized loyalty programs
3) Deliver omni-channel and real-time personalized experiences

Under its model:

1) Enterprise Customers are organizations that license Capillary’s platforms (e.g., Loyalty+, Engage+, Insights+, Rewards+, and CDP).
2) End Consumers are users who engage with loyalty programs, rewards, and offers designed by these enterprise clients.

Capillary’s products enable brands to analyze customer behavior, reward loyalty, and drive repeat sales through integrated digital platforms that connect CRM, e-commerce, POS, and marketing systems.

Industry Verticals

Capillary’s client base spans Retail & Apparel, Consumer Packaged Goods (CPG), Luxury & Lifestyle, Healthcare, Travel & Hospitality, Automotive, Energy Retail, Banking, Financial Services & Insurance (BFSI) and Telecommunications.

Some marquee customers includes Aditya Birla Fashion and Retail Limited (ABFRL), Abbott Laboratories (Singapore), Tata Digital Private Limited, Frontier Communications (USA), A global energy and petrochemicals major and A leading European bank. This diversified client base highlights Capillary’s domain expertise across multiple industries and geographies.

Global Presence

Capillary operates 16 offices worldwide, with a strong presence in key markets including India, United States, United Kingdom, Canada, United Arab Emirates, Singapore, Indonesia, Vietnam and Malaysia

The company’s global footprint enables it to cater to the diverse needs of clients in both emerging and mature loyalty markets — particularly in Asia and North America, which represent the largest opportunities for digital engagement and retention solutions.

Objects of the Capillary Technologies India Ltd. IPO:

Company proposes to utilize the Net Proceeds towards the following objects: 1. Funding the cloud infrastructure cost (₹143 cr) 2. Investment in research, designing and development of products and platform (₹71.58 cr) 3. Investment in purchase of computer systems for business (10.3 cr) 4. Funding inorganic growth through unidentified acquisitions and general corporate purposes

Capillary Technologies India Ltd. IPO Details:

Open Date: Nov 14 2025
Close Date: Nov 18 2025
Face Value: ₹ 2 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 21 2025

Promoters And Management:

1. Neelam Dhawan is the Chairperson and Independent Director of the company. She holds a B.A. (Honours) and an MBA from the University of Delhi, with over 30 years of experience in sales, business development, and revenue growth. She previously held leadership roles at HP, Hewlett-Packard Enterprise, and Microsoft India. 2. Aneesh Reddy Boddu, Founder, Managing Director, and CEO, is an IIT Kharagpur alumnus with 15+ years of experience in strategy and operations. Recognized among Fortune India’s and ET’s “40 Under 40,” he oversees the company’s overall business management. 3. Anant Choubey, Whole-time Director, COO, and CFO, is an IIT Kharagpur graduate with 15+ years of experience in operations, strategy, and finance. He has been with the company since inception and earlier worked with Procter & Gamble

Financials of Capillary Technologies India Ltd. IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 359.20 598.20 525.10 255.00
EBITDA (Cr) 39.80 78.50 -1.40 -58.30
EBITDA Margins 11.09% 13.13% -0.31% -28.17%
PAT (Cr) 1 14.1 -68.3 -88.5
PAT Margins 0.29% 2.37% -13.02% -34.68%
ROCE 0.50% 2.76% -9.34% -28.45%
Debt to Equity Ratio(In Times) 0.15 0.18 0.14 0.79
Operating Cash Flows (Cr) 55.4 -46.1 97.1 -20

Comparison With Peers:

According to RHP their is no listed Peers Existed in India under Same Business Segment.

Registrar of Capillary Technologies India Ltd. IPO:

  1. MUFG Intime India Private Limited

Discussion on Capillary Technologies India Ltd. IPO:

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