Exclusive: Capillary Technologies Heads For Domestic IPO

Exclusive: Capillary Technologies Heads For Domestic IPO


Capillary Technologies will be filing its prospectus with the market regulator by the end of November

It has converted into a public company as per the latest regulatory filing

The development comes almost a month after it acquired US-based customer experience platform Persuade for an undisclosed amount

Bengaluru and Singapore-based Capillary Technologies is heading for its initial public offering. The startup is planning to get itself listed on the Indian stock exchange. 

Two people aware of the development informed Inc42 that the startup is aiming to file its draft red herring prospectus (DRHP) with the market regulator SEBI by November end and list itself on BSE as early as March next year depending on the market regulator’s approval.

Capillary Technologies has also converted into a public company, regulatory filings accessed by Inc42 show.

According to Inc42 sources, the enterprisetech startup has already roped in Kotak and ICICI Securities to manage its IPO. 

Detailed questionnaires sent to the company elicit no response while publishing the story. Founded in August 2008 by IIT Kharagpur alumni Aneesh Reddy and Krishna Mehra, Capillary Technologies is an omnichannel engagement and commerce solution startup. It claims to have a stronghold in India, Southeast Asia, MENA, and China among other countries. 

The startup’s platform leverages AI and ML to help its clients understand their consumers as well as engage more with them through personalised one-on-one communication. Capillary Technologies also provide connected cross-channel commerce experiences.

The startup is backed by Warburg Pincus, Sequoia Capital, Avataar Capital, and Filter Capital and offers 100+ loyalty programmes, and has 120K+ stores and 500 Mn+ consumers. The company has raised over $100 Mn+ in funding to date. 

In 2018, the startup last raised $20 Mn from Warburg Pincus and Sequoia Capital. The company was recently in the news for acquiring a US-based Customer Experience platform Persuade for an undisclosed amount.

It was Capillary’s first US acquisition and fourth globally, marking its entry into North America. Capillary has earlier acquired multi-channel commerce platforms Sellerworx, and MartJack and ML platform Ruaha. It also holds minority stakes in Exclusife and WebEngage. With this acquisition and Persuade expertise, the company is also eyeing new verticals like airlines, automotive, and healthcare.

Capillary Technologies has now joined the likes of Delhivery, Snapdeal, Pine Labs, and PharmEasy who are yet to file their prospectus with the market regulator. Over the past few months, Paytm, OYO, MobiKwik, ixigo, Nykaa have filed their DRHP. Foodtech giant Zomato and automobile marketplace CarTrade have already got themselves listed on the domestic market. SaaS unicorn Freshworks late last month listed itself on the US-based NASDAQ stock exchange. 

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