Capillary Technologies raises $45M in Series D funding

Capillary Technologies, a company offering customer engagement and loyalty SaaS products and solutions, has recently completed a successful Series D funding round. Founded in 2012 by Aneesh Reddy, Ajay Modani, and Krishna Mehra, the company has a global presence across the United States, India, the Middle East, and Asia, with a particular focus on Southeast Asia.

During the funding round, Capillary Technologies raised $45 million in a combination of debt and equity. The round was led by Avataar Ventures, Filter Capital, and Innoven Capital. The company plans to utilize these funds for expanding its global footprint and supporting its mergers and acquisitions strategy.

Capillary Technologies highlighted its exceptional growth in the United States, which has expanded 3.5 times since the acquisition of Persuade in 2021. The United States now accounts for over a third of the company's revenue.

The company works with more than 250 brands, including Tata, PUMA, Shell, Al-Futtaim, Petron, Domino's, Kanmo Group, and Marks & Spencer. Its platform powers over 100 loyalty programs across 30 countries, reaching over one billion consumers and processing more than five billion annual transactions.

In FY22, Capillary Technologies reported operating revenue of Rs 163.3 crore, representing a nearly 42 percent increase from Rs 114.9 crore in FY21. In 2018, the company raised $20 million in funding from private equity firm Warburg Pincus and venture capital firm Sequoia Capital.