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Made with 💙 in India. © Finsky Technologies Pvt Ltd. 2025
Capillary Technologies India Limited is a software product company that offers an artificial intelligence (AI)-based, cloud-native Software-as-a-Service (SaaS) platform to global enterprise customers. The company specializes in enhancing consumer and channel partner loyalty through a diversified product suite that includes Loyalty+, Engage+, Insights+, Rewards+, and a Customer Data Platform (CDP). These solutions enable clients to run end-to-end loyalty programs, gain a comprehensive view of consumers, and execute real-time, omnichannel personalized experiences to drive engagement, conversions, and repeat sales. Headquartered in India, Capillary has a significant global footprint, supporting over 410 brands across 47 countries.
Opening Date
Nov 14, 2025
Closing Date
Nov 18, 2025
Listing Date
Nov 21, 2025
IPO Type
Mainboard
IPO Status
Upcoming
Issue Size
345 Cr
Fresh Issue
345 Cr
Offer for Sale
—
Price Band
—
Lot Size
2
The net proceeds from the Fresh Issue are proposed to be utilized towards funding the following objects:
Funding cloud infrastructure costs, with an estimated amount of ₹143.00 crores to support the company's scalable, cloud-based architecture and manage increasing transaction volumes.
Investment in research, designing, and development of products and platform, with an estimated amount of ₹71.58 crores to enhance AI capabilities, develop new features, and maintain a competitive edge.
Investment in the purchase of computer systems for business operations, with an estimated amount of ₹10.34 crores to upgrade and expand the company's IT hardware infrastructure.
Funding inorganic growth through unidentified acquisitions and for general corporate purposes to expand service capabilities, access new customer segments, and support overall business operations.
P/E Ratio
—
EPS
—
ROE
—
ROCE
2.76%
RONW
2.85%
Debt to Equity Ratio
—
PAT Margin
2.37%
EBITDA Margin
13.13%
P/B
—
Recognized as a global leader in the loyalty and engagement management space with an end-to-end SaaS product suite.
Strong and diversified enterprise customer base, including 19 Fortune 500 companies across various industries and geographies.
Proven M&A playbook with successful integration of acquisitions like Persuade, Brierley, and Kognitiv to drive inorganic growth.
Robust and scalable AI-powered, cloud-native technology platform that provides personalized and omnichannel consumer experiences.
History of incurring net losses, with significant losses reported in Fiscal 2024 and Fiscal 2023.
Significant dependence on a limited number of top customers for a large portion of revenue, posing a concentration risk.
Reliance on third-party cloud infrastructure providers, which exposes the company to service interruption and cost fluctuation risks.
Experienced negative cash flows from operating activities in recent periods, which could impact operational flexibility.
The global loyalty management market is projected to grow from $16.6 billion in 2024 to $26.8 billion by 2029.
Increasing market consolidation in the fragmented loyalty-tech space presents opportunities for strategic acquisitions.
Growing demand for vertical-specific SaaS solutions allows for tailored offerings in high-growth sectors like healthcare, BFSI, and retail.
Expansion into new and underpenetrated geographic markets, particularly in North America and Europe, to increase market share.
Intense competition from global SaaS providers, niche loyalty-tech players, and traditional marketing agencies.
Rapid technological disruption, particularly in AI and automation, could render existing solutions obsolete if innovation lags.
Evolving data privacy regulations across the globe (such as GDPR and DPDP Act) may increase compliance costs and legal risks.
Economic downturns or slowdowns in key markets like North America could reduce customer spending on loyalty and marketing solutions.
