Capillary Promotes Anant Choubey, Sridhar Bollam To Cofounder Role

Bengaluru-based SaaS startup Capillary Technologies has elevated Anant Choubey and Sridhar Bollam to the position of cofounder. Choubey and Bollam joined the SaaS startup in 2010, serving as COO and chief customer officer (CCO) in their present roles, respectively.

Both Choubey and Bollam are IIT Kharagpur graduates. While Choubey joined the SaaS startup as COO from Proctor & Gamble, Bollam held various consultancy roles before coming to Capillary as VP of Analytics. Bollam was promoted to the CCO role in May 2023.

Aneesh Reddy, founder and MD of Capillary, said, “Anant and Sridhar have been nothing less than a cofounder, right from the onset. Anant with the entire profitability drive in the last couple of years and with Sridhar as the Chief Customer Officer in the US, we’ve been able to turn things around after COVID. We tremendously value their role in the organisation and I’m sure the company will continue to thrive under their leadership.”

Founded in 2012, Capillary is an end-to-end customer loyalty platform which offers a comprehensive view of unified and cross-channel strategies, delivering an omnichannel personalised experience for its customers. It claims to be working with over 250 brands, including Tata, Shell, PUMA, Petron, Domino’s, and Marks & Spencer, with a reach of 1 Bn+ consumers and processing 5 Bn+ transactions annually.

The startup has a presence in over 30 countries, including — the US, India, the Middle East and South East Asia.

Speaking on the development, Anant Choubey said, “It has been an incredible journey with this exceptional team and I am excited about the opportunities that lie ahead. I look forward to continuing our pursuit of excellence and strengthening our standing in the global loyalty technology space.”

Sridhar Bollam added, “Capillary has been family right from the onset. Roles and designations haven’t really mattered because the vision and mission have always been larger than anything else! We have great momentum behind our backs and are looking forward to gaining a larger share of this massive customer loyalty and engagement market.” 

The development comes months after Capillary deferred its IPO plans by 18-36 months. The SaaS startup raised a $45 Mn Series D funding round from Avataar Ventures and its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital and Innoven Capital.

Following the fundraise, Capillary Technologies acquired Tenerity’s product Digital Connect to strengthen its position in the US and European markets by acquiring the reward ecosystem that Digital Connect enables on its platform.

Capillary slipped into the red in FY22, reporting a standalone net loss of INR 22.2 Cr, against a profit of INR 16.7 Cr in FY21. Its operating revenue was up 42% year-on-year to INR 163.3 Cr in FY22 compared to INR 114.9 Cr in FY21.

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