Capillary Technologies IPO: Check IPO Date, Lot Size, Price & Details

Overview

Capillary Technologies India Ltd. is a leading global provider of artificial intelligence (AI)-driven, cloud-native Software-as-a-Service (SaaS) solutions, focused on enabling enterprises to strengthen customer and channel partner loyalty. The company’s comprehensive suite of products helps businesses design, implement, and manage end-to-end loyalty and engagement programs aimed at improving customer retention, driving repeat purchases, and enhancing overall brand engagement.

Capillary’s core offerings include its advanced loyalty management platform Loyalty+, the connected engagement platform Engage+, the predictive analytics engine Insights+, the rewards management platform Rewards+, and the Customer Data Platform (CDP). These solutions together create an integrated ecosystem that empowers enterprises to understand customer behaviour, segment audiences effectively, and deliver highly personalised, real-time engagement across multiple digital and offline channels. By combining AI and data analytics, Capillary enables clients to transition from transactional customer interactions to relationship-driven loyalty strategies.

The company caters primarily to large enterprise clients, defined as organisations contributing significant annual revenue across various sectors such as retail, consumer goods, automotive, and financial services. Its client base includes over 410 brands, among which 19 are Fortune 500 companies, reflecting its strong global positioning and ability to serve large, sophisticated enterprises. Capillary’s solutions are designed to integrate seamlessly with clients’ existing systems, ensuring scalability and adaptability to evolving consumer preferences and market dynamics.

Headquartered in India, Capillary Technologies has established a broad global footprint with 16 offices across 47 countries, including major markets such as the United States, the United Kingdom, the United Arab Emirates, and key Asian regions. This geographical diversification allows the company to serve a wide range of customers, from emerging markets with fast-growing consumer bases to mature economies emphasising digital transformation and advanced customer analytics.

With over 730 employees worldwide, the company combines technological innovation with localised execution to support enterprise clients in building stronger consumer relationships. Its platforms boast an industry-leading 99.999% uptime, reflecting a robust technological infrastructure that ensures high reliability, scalability, and real-time data processing capabilities essential for large-scale enterprise operations.

Capillary’s business model centres around empowering brands to create meaningful, data-driven connections with consumers. By offering a unified, cloud-based platform, it enables enterprises to consolidate fragmented customer data, gain a 360-degree view of consumer journeys, and deploy omnichannel loyalty programs that are measurable and performance-driven. This approach helps clients not only to enhance customer satisfaction and retention but also to improve marketing efficiency and long-term revenue growth.

IPO Details

Object of Issue

• Funding for cloud infrastructure costs.
• Investment in research, design, and development of products and platforms.
• Investment in purchasing computer systems for our business.
• Financing inorganic growth through strategic acquisitions and general corporate purposes.

Key Strengths

• Trusted Partner in Loyalty Solutions
  Capillary Technologies India Ltd. offers a comprehensive portfolio of AI-driven SaaS products catering to the customer relationship and loyalty management space. With over a decade of experience, the company provides integrated solutions across loyalty management, engagement, rewards, analytics, and customer data platforms. Its offerings enable enterprises to design and manage end-to-end loyalty programs supported by data-driven insights and automation. By combining customer data with predictive analytics and AI-led engagement, Capillary helps businesses strengthen consumer relationships, enhance retention, and drive measurable revenue growth across industries and geographies.
• Comprehensive Solutions for Diverse Segments
  Capillary Technologies India Ltd. provides a comprehensive suite of AI-powered SaaS solutions tailored to various industry requirements, creating an integrated ecosystem for customer engagement and loyalty management. The company’s platforms are flexible across multiple sectors, such as retail, financial services, travel, hospitality, healthcare, and consumer packaged goods, enabling enterprises to develop loyalty programmes that match specific business goals and customer behaviours. Its solutions support different use cases, including multi-brand and coalition loyalty programmes, customer and fleet loyalty for energy retail, channel loyalty for Consumer Packed Goods companies, health-focused loyalty initiatives, and card-linked rewards for BFSI institutions, fostering engagement, retention, and operational efficiency across industries.
• Scalable Cloud-Based Infrastructure with Seamless Integration
  Capillary Technologies India Ltd. operates a scalable, cloud-native platform capable of processing large data volumes and complex transactions in real time. As of September 30, 2025, it served 413 brands and hosted over 1.82 billion consumers, processing around 0.16 million loyalty transactions per hour. The platform’s architecture ensures speed, reliability, and seamless integration with clients’ existing technology systems, enabling enterprises to manage diverse operations efficiently. This robust infrastructure supports high scalability and performance consistency, allowing businesses to enhance customer engagement and operational agility across global markets.

Key Risks

• High Revenue Concentration Risk
  Capillary Technologies India Ltd. derives a substantial portion of its revenue from a limited number of customers. During the six months ended September 30, 2025, the top 10 customers accounted for 55.70% of total revenue from operations, while the top 5 customers contributed 38.60% and the top customer alone contributed 14.38%. In Fiscal 2025, these figures stood at 58.71%, 43.35%, and 16.54%, respectively.
  Such concentration exposes the company to revenue volatility. The loss of, or reduced business from, any key customer - due to non-renewal, financial distress, business restructuring, or changes in project scope-could materially affect the company’s revenue, profitability, and cash flows.
• Geographic Concentration Risk - Dependence on North America
  Capillary Technologies India Ltd. derives a substantial portion of its revenue from customers located in North America. Revenue from this region contributed 56.01% of total revenue from operations in the six months ended September 30, 2025, and 56.59% in Fiscal 2025. This concentration heightens the company’s exposure to regional economic, political, and regulatory risks. Any adverse developments in North America-such as economic slowdown, inflationary trends, or policy changes-could impact enterprise spending and contract renewals, thereby affecting Capillary’s revenue, profitability, and overall financial performance.
• Customer Acquisition and Retention Risk
  Capillary Technologies India Ltd. faces the risk of high customer acquisition costs and dependence on expanding its customer base efficiently. The company’s customer acquisition cost stood at ₹654.81 million (18.23% of Net Revenue) for the six months ended September 30, 2025, compared to ₹505.74 million (17.61%) for the same period in the previous year. While the number of customers increased to 110 as of September 30, 2025, from 98 as of March 31, 2025, sustaining this growth profitably remains critical. Failure to attract new customers or recover acquisition costs due to limited engagement or lower transaction volumes could adversely impact revenue, profitability, and cash flows.

Financial Snapshot

Industry Peers

Note: Considered International Peers

Conclusion

While Capillary Technologies India Ltd. has shown consistent revenue growth and gradual improvement in margins, the company’s overall business stability remains a concern. A significant share of its revenue continues to come from a limited number of large customers, making it vulnerable to any loss or reduction of business from these key clients. Moreover, a heavy dependence on the North American market exposes it to regional economic and policy fluctuations that could impact enterprise spending.

Additionally, the company faces high customer acquisition costs and only modest profitability, suggesting that scaling operations profitably may remain challenging in the near term. With these structural risks and limited earnings visibility, the risk–reward profile appears unfavourable. Hence, investors are advised to avoid the IPO.

IPO Allotment

Find out the allotment status for the Capillary Technologies IPO by checking the MUFG Intime India IPO Application Status page.