History
Capillary Technologies was founded in August 2008 by Aneesh Reddy, [4] Krishna Mehra, and Ajay Modani and initially headquartered in Bengaluru, India. [5] [6] [1]
In 2013, Capillary Technologies was used as a case study for "reverse innovation" published in Harvard Business Review. [7]
Capillary acquired the e-commerce software platform MartJack in September 2015, supported by a $45 million funding led by Warburg Pincus. [8] [9] [10] [11] [12]
The company began expanding operations into China in July 2016. [13] In October 2016, Capillary acquired SellerWorx, an e-commerce services and technology company. [14]
In December 2016, Rajan Anandan, who at the time was Google's Vice President for Southeast Asia and India, joined Capillary's board of directors. [15] [16]
In September 2019, Capillary partnered with Veda Holding, a Saudi investment holding company, [17] to operate a Saudi-specific entity called Capillary Arabia. [17] [18] [19]
In 2021, Capillary acquired Persuade, a U.S. loyalty platform provider. [20]
Co-founder Aneesh Reddy operated as chief executive officer (CEO) of Capillary Technologies until 2022. [21] In September 2022, Capillary Technologies announced that Sameer Garde would take over as the company's CEO and Reddy would transition to managing director. [22] Garde resigned as CEO in March 2024 "due to personal reasons," and Reddy returned to the company's role as CEO. [23]
In April 2023, Capillary acquired acquired Brierley+Partners (known generally as Brierley), a loyalty agency and platform provider based in Frisco, Texas. [24] [25] [26] [27] In June 2023, Capillary announced it had acquired the Digital Connect technology assets of Tenerity, a US-based engagement and rewards platform provider. [28] [29] [30] [31] [32]
Funding
Capillary Technologies has raised multiple rounds of funding from investors since its inception.
- 2009: Capillary received $100,000 from the QPrize Business Plan Competition by Qualcomm. [33]
- Sep 2012: Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners & Qualcomm. [34] [35] [36] [37]
- Feb 2014: Capillary received $4 million from American Express in February 2014. [38] [39]
- Sep 2015: Capillary raised $45 million from Warburg Pincus, Sequoia Capital, and Norwest Venture Partners. [40]
- Feb 2018: Capillary announced it raised $20 million in several tranches in 2017 and 2018 from existing investors Warburg Pincus and Sequoia Capital. [41]
- Dec 2021: Capillary Technologies India filed draft papers to raise Rs 850 crore (approximately $103.1 million) through a public issue. [42] [43]
- May 2023: Capillary raised $45 million from Avataar Ventures along with its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital. [44] [45]
- Feb 2024: Capillary raised $95 million in secondary deals. [46] [47] [48]
Capillary Technologies' primary product is its cloud-based SaaS platform Intelligent Loyalty. [49] The Intelligent Loyalty platform includes modules with features for loyalty programs, customer engagement, and data analytics. [28] [29]
Product development
As of 2020, Capillary Technologies used GitHub as the core for the end-to-end CI/CD architecture of the company's platform. [50]
In 2023, Capillary launched AskAira, an AI-powered research assistant, as part of its loyalty platform. AskAira utilizes OpenAI's generative AI language models. [51] [52]
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₹598 crore (US$71 million) (FY25) [3]