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Capillary Technologies IPO
Capillary Technologies India Ltd
₹13,725 /25 sharesMinimum Investment
Capillary Technologies IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 14 Nov ‘25 - 18 Nov ‘25 | ₹13,725 | 25 | ₹549 - ₹577 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 877.50 Cr | RHP PDF | 19 Nov ‘25 | 21 Nov ‘25 |
About Capillary Technologies
Founded in
2012
MD/CEO
Mr Aneesh Reddy Boddu
Parent organisation
Capillary Technologies India Ltd
Strengths & Risks of Capillary Technologies
Strengths
Risks
Capillary Technologies claims to be a global leader in AI-led SaaS products for customer relationship and loyalty management. The company also claims to have strong client retention, with net revenue retention (NRR) rates exceeding 100 percent in recent fiscals and 1.82 billion consumers hosted on its platform as of September 30, 2025.
Capillary Technologies claims to offer a full-spectrum loyalty management platform designed to serve varied industries, including retail, financial services, energy, healthcare, and consumer goods. Its modular suite, comprising Loyalty+, Engage+, Insights+, Rewards+, and a customer data platform, supports multiple use cases such as coalition loyalty for retailers, fleet programs for energy companies, and card-linked offers for banks. The company also claims that its co-innovation model allows enterprises to customise and enhance loyalty programs through collaboration and real-time insights.
Capillary Technologies claims to operate on a scalable, cloud-native platform capable of processing large data volumes in real time while maintaining stability and speed. According to the Zinnov Report, the company’s infrastructure supports seamless API integration with enterprise systems and complies with standards such as SOC2, PCI DSS, and ISO 27001:2013. As of September 2025, it claims to have supported 413 brands and hosted 1.82 billion consumers, processing up to 0.18 million loyalty transactions per hour.
Capillary Technologies claims to have expanded its customer base through a mix of organic growth, strategic acquisitions, and partnerships. The acquisition of Persuade Group in FY21 reportedly strengthened its presence in sectors like healthcare and added new global clients across industries. As of September 2025, the company claims to have served 110 customers, supported by a 14-member sales team and 12 system integrator and channel partner collaborations across North America, the Middle East, and Southeast Asia.
Capillary Technologies claims to embed AI across its product suite to enhance customer engagement and loyalty management. It has developed proprietary tools such as the AI Retail Analytics Assistant (aiRA), Creatives Co-Pilot, and Promotions Co-Pilot to automate campaign creation, personalisation, and performance analysis. The company also claims to use predictive modelling techniques, including churn prediction, segmentation, and next-best-action analysis, supported by a scalable, modular AI infrastructure and generative interfaces that simplify complex workflows for non-technical users.
Capillary Technologies claims to have developed a structured framework for acquiring, integrating, and scaling businesses within its ecosystem. Following acquisitions such as Persuade Group, B+P, and the Digital Connect business of Tenerity LLC, the company reported improved margins and operational efficiencies through centralisation and automation of functions in India. These integrations have reportedly led to significant financial turnaround, such as B+P’s contribution margin improving to over 42 percent by September 30, 2025, and strengthening Capillary’s position in key markets like North America and Europe.
The company has reported a consistent increase in revenue from operations. It increased from Rs 156.43 crore in FY23 to Rs 402.13 crore in FY24 and Rs 481.10 crore in FY25.
The top five customers accounted for Rs 138.65 crore (38.60 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 259.30 crore (43.35 percent) in FY25; Rs 160.46 crore (30.56 percent) in FY24; and Rs 93.06 crore (36.45 percent) in FY23. Furthermore, the top customer alone accounted for Rs 51.67 crore (14.38 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 98.93 crore (16.54 percent) in FY25; Rs 35.81 crore (6.82 percent) in FY24; and Rs 28.42 crore (11.13 percent) in FY23. Any failure to retain these key customers, a reduction in business volume, or adverse changes in their financial condition could affect the company’s business, cash flows, and financial condition.
The company derives a significant portion of its revenue from customers based in North America. North American customers accounted for Rs 201.22 crore (56.01 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 338.55 crore (56.59 percent) in FY25; Rs 252.50 crore (48.09 percent) in FY24; and Rs 51.08 crore (20.00 percent) in FY23. This concentration exposes it to region-specific risks such as economic slowdowns, inflationary pressures, regulatory changes, or political and social instability. Any adverse developments in North America could negatively affect customer spending, demand for the company’s services, and its overall business performance, financial condition, and cash flows.
Enterprise customers accounted for Rs 352.86 crore (98.23 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 581.84 crore (97.26 percent) in FY25; Rs 512.56 crore (97.61 percent) in FY24; and Rs 234.30 crore (91.75 percent) in FY23. These customers may present additional risks as they come with higher expectations, longer sales cycles, and greater negotiation leverage. Any slowdown or loss of business from this segment can adversely affect the company’s financials.
The company, its subsidiaries, and directors are involved in outstanding legal proceedings, including criminal and tax-related disputes. Any adverse outcome in such proceedings could negatively impact the company’s business prospects.
Employee benefit expenses accounted for Rs 188.04 crore (52.35 percent) of the company’s revenue for the period ended September 30, 2025; Rs 322.06 crore (53.83 percent) in FY25; Rs 294.49 crore (56.08 percent) in FY24; and Rs 202.57 crore (79.33 percent) in FY23. Any increase in these costs due to inflationary pressures, competitive hiring, or regulatory changes in labour and employment laws could adversely affect profitability.
The company reported negative cash flow from operating activities amounting to Rs 46.20 crore in FY25 and Rs 20.06 crore in FY23. This was primarily due to adverse working capital movements, including increases in trade receivables and other financial assets, as well as a reduction in contract liabilities from deferred revenue. Additionally, the company reported negative cash flow from investing activities of Rs 197.34 crore for the period ended September 30, 2025, Rs 184.52 crore in FY24, and Rs 93.62 crore in FY23. Furthermore, the company reported negative cash flow from financing activities of Rs 18.11 crore for the period ended September 30, 2025. Sustained negative cash flow could affect liquidity and hinder the company’s ability to meet operational requirements and execute its growth strategies.
The customers in the retail sector accounted for Rs 107.81 crore (30.01 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 168.79 crore (28.21 percent) in FY25; Rs 193.38 crore (36.83 percent) in FY24; and Rs 115.01 crore (45.04 percent) in FY23. This concentration makes the company’s performance highly dependent on the retail industry’s growth and stability. Any downturn in the retail sector, reduction in marketing or customer engagement spending, or changes in regulations that restrict the outsourcing of customer relationship management (CRM) or loyalty services could significantly reduce demand for the company’s offerings and adversely affect its business, results of operations, and financial condition.
The company is exposed to credit risk arising from customers to whom it extends payment terms of up to 90 days. As of September 30, 2025, trade receivables stood at Rs 185.10 crore, representing 51.53 percent of revenue from operations, with an expected credit loss allowance of Rs 13.76 crore, or 3.83 percent of revenue. This is an increase from Rs 161.12 crore in FY25, Rs 145.65 crore in FY24, and Rs 80.11 crore in FY23. During FY24, the company was unable to recover Rs 7.99 crore of trade receivables due to the bankruptcy of a North American customer in the apparel retail sector. Continued delays or defaults in customer payments, or additional instances of non-recovery, could increase bad debt provisions, strain working capital, and adversely impact the company’s liquidity, cash flows, and overall financial performance.
As of September 30, 2025, the company had financial indebtedness of Rs 88.94 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Capillary Technologies Financials
*All values are in Rs. Cr
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Application Details of Capillary Technologies IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹549 - 577 | Upto ₹2 Lakh |
| High Networth Individual | ₹549 - 577 | ₹2 - 5 Lakh |
For Capillary Technologies IPO, eligible investors can apply as Regular.