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HomeIPOCapillary Technologies India

About Capillary Technologies India

Capillary Technologies India Ltd is an Indian SaaS company that offers complete customer loyalty and engagement solutions. Founded in 2008 and headquartered at Bengaluru, Capillary offers a comprehensive suite of products that help brands understand and engage their customers more effectively through data-driven insights.Key Offerings:Loyalty Management Solutions: Capillary provides scalable, customizable loyalty programs to enterprises across industries like retail, FMCG, and hospitality.Customer Engagement & Marketing Automation: The platform provides personalized marketing with SMS, email, push notifications, etc.AI & Analytics: Their tools use AI and machine learning to provide real-time insights into customers and predictive analytics.Omnichannel CRM: The technology helps brands maintain consistent engagement with customers across online and offline channels.Clients & Global Reach: Capillary serves over 250 brands across more than 30 countries, including big brand names such as Tata, Domino’s, Jockey, PUMA, and Shell. The company primarily operates on a subscription-based SaaS model and derives much of its revenues from software licenses, professional services, and support.

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Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Capillary Technologies India

Capillary Technologies India

Open Date

14 Nov 2025

Close Date

18 Nov 2025

listed

Min Investment

₹14425

Lot Size

25 Shares

Issue Size

₹877.5 Cr

Price Range

₹549 - ₹577

Listing Date

Nov 21, 2025

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RHP PDF

Company Valuation

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹53(+9.01%)GMP
9.19%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Capillary Technologies India IPO - Issue Objectives

The company will use ₹143 crore towards funding its cloud infrastructure costs. ₹71.58 crore will be invested in product and platform research, design, and development. The company will use ₹10.34 crore to purchase computer systems for the business. Proceeds will fund general corporate needs and unspecific acquisitions.

Cloud infrastructure costs

41.45%

Investment in development of products and platform

20.75%

Purchase of computer systems

2.99%

General corporate purposes

34.81%

1

Cloud infrastructure costs

The company will use ₹143 crore towards funding its cloud infrastructure costs.

41.45%
2

Investment in development of products and platform

₹71.58 crore will be invested in product and platform research, design, and development.

20.75%
3

Purchase of computer systems

The company will use ₹10.34 crore to purchase computer systems for the business.

2.99%
4

General corporate purposes

Proceeds will fund general corporate needs and unspecific acquisitions.

34.81%

IPO Subscription Status

QIB
57.27x
NII
69.84x
Individual
15.82x
Total
52.95x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Capillary Technologies India

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue362.56611.87535.44266.25
EBITDA39.8278.57-1.49-58.34
Expenses
Profit After Tax1.0314.15-68.35-88.56
Assets892.33838.65871.07466.41
Net Worth509.38481.42452.1399.75
Reserves149.34170.2630.8931.99
Borrowing88.94100.0977.17147.47

Capillary Technologies India - Promoter(s)

Capillary Technologies International Pte Ltd

Aneesh Reddy Boddu

Pre Issue Share Holding

67.90%

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market leader in AI-led loyalty solutions

The company is a trusted partner in the global loyalty management and CRM industry with a decade-long track record. Recognised as a leader and a strong performer by Forrester, Gartner, Everest, and Zinnov, it serves Fortune 500 clients across sectors. Its flagship AI-driven SaaS platforms, such as Loyalty+, Engage+, Insights+, and Rewards+, enable enterprises to run end-to-end loyalty programs with deep consumer analytics and engagement. The firm’s consumer base has grown to 1.82 billion users as of September 2025, highlighting its scale and reliability.

02

Scalable, cloud native infrastructure

Built on a cloud-based, API-first architecture, the company’s platform processes up to 0.16 million loyalty transactions per hour and 15.67 billion number of loyalty transactions have been processed as of September 2025. Its platform complies with global standards such as Service Organisation Control Type 2 (SOC2), Payment Card Industry Data Security Standard (PCI DSS).

03

Strong and diversified customer base

The company maintains long-term relationships with marquee brands such as Tata Digital, ABFRL, Puma, Dominos Indonesia, and InterGlobe Aviation, alongside 19 Global Fortune 500 companies. Revenue from enterprise clients accounted for over 98.23% of total operations as of September 2025. Net revenue retention stood at 115.42% for the same period, with churn contained at 9.64%, underscoring strong client stickiness and recurring growth potential.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Revenue concentration risk

The company’s business remains dependent on a few key enterprise clients, with the top 5 customers contributing 38.60% and the top 10 customers 55.70% of revenue in H1FY26. Such concentration exposes it to contract renewal or pricing risks. The loss of any client could materially affect revenue momentum and cash flow visibility.

02

Geographic concentration in America

The company derives a substantial share of its revenue from North America, contributing 56.01% in H1 FY26, 57.20% in H1 FY25, and 56.59%, 48.09%, and 20.00% in FY25, FY24, and FY23, respectively. This concentration exposes the business to regional macroeconomic, regulatory, and market risks. Any adverse developments in the North American market, such as economic slowdown, changes in data privacy laws, or client spending cuts, could materially impact revenue stability and growth momentum.

Contact Details

Capillary Technologies India

#360 Bearing PID No 101, 360, 15th Cross Rd, Sector 4, HSR Layout, Bengaluru, Karnataka - 560102

+918041225179
investorrelations@capillarytech.com
http://www.capillarytech.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd

+91-22-4918 6270
capillarytechnologies.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Capillary Technologies India IPO - FAQs

Capillary Technologies India IPO is a Mainboard IPO. The issue is priced at ₹549-577 per equity share. The minimum order quantity is 25 Shares. The IPO opens on 14 Nov, and closes on 18 Nov. MUFG Intime India Pvt.Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-11-13
  • Bidding Starts2025-11-14
  • Bidding Ends2025-11-18
  • Allotment Finalisation2025-11-19
  • Release of Funds2025-11-20
  • Demat Transfer2025-11-20
  • Listing2025-11-21
04

AI-driven innovation

The firm’s AI suite, including Creatives Co-Pilot, Promotions Co-Pilot, and aiRA (AI Retail Assistant), enables real-time personalisation, predictive analytics, and campaign automation. These innovations strengthen customer engagement and create measurable ROI for clients. It also hosts events such as ‘Captivate’ to explore how digital innovation is reshaping customer loyalty management.

05

Proven acquisition integration

Through disciplined acquisitions, including Persuade Group, Brierley & Partners (B+P), Tenerity, and Kognitiv Group, the company has expanded into North America and Europe while enhancing its product suite. These integrations have driven cost synergies, higher margins, and regional diversification. Notably, B+P’s contribution margin rose to ₹31.43 crore (42.10%) in H1FY26 from 1.69% a year earlier, reflecting successful operational turnaround and profitability gains.

03

Customer acquisition cost risk

The company’s growth depends on its ability to attract new customers efficiently. In H1FY26, customer acquisition cost stood at ₹65.48 crore, representing 18.23% of net revenue, compared to 17.61% in H1FY25 and 17.85%, 18.05%, and 25.88% in FY25, FY24, and FY23, respectively. Rising acquisition costs and slower ramp-up in smaller accounts may delay breakeven on new contracts.

04

Dependence on timely product innovation

The company’s success depends on its ability to develop and upgrade products efficiently. It invested ₹78.85 crore (21.95%) of revenue in R&D during H1FY26, compared to ₹66.54 crore (23.17%) in H1FY25. Delays or failure in innovation could affect competitiveness, as seen with the discontinuation of Anywhere Commerce+ and software delays causing ₹15.43 crore revenue loss in FY25

05

High employee cost and attrition risk

The company had 737 employees as of September 30, 2025, with an attrition rate of 8.91% and 678 employees with an attrition rate of 19.03% in FY25. Employee expenses amounted to ₹188 crore in H1FY26, representing 52.35% of revenue from operations. Given its heavy reliance on skilled engineers and product specialists, any rise in attrition or inability to attract and retain qualified talent could adversely impact operations, product development, and profitability.