Capillary Technologies IPO journey showcases how Indian startups can build global customer engagement platforms and become market leaders.
What is the news?
- Customer engagement and loyalty tech provider Capillary Technologies India Ltd has filed its DRHP with SEBI for a public listing, comprising a fresh issue of Rs 430 crore and an OFS of up to 18.3 million shares by existing shareholders.
- The company posted strong FY25 performance with operating revenue growing 20% to Rs 481 crore and turning profitable with Rs 14 crore net profit (vs Rs 68 crore loss in FY24). North America now contributes 56.6% of revenue, up from just 20% in FY23.
Why is it interesting?
- This is the classic Indian SaaS playbook executed brilliantly. Build for global enterprises like Tata Group, Aditya Birla, Domino’s, Shell, and IndiGo, then scale internationally. The fact that North America revenue jumped from 20% to 56.6% in two years demonstrates India’s ability to create world-class B2B software that resonates globally.
- Their diversification from retail (down from 45% to 28% of revenue) into healthcare, BFSI, and telecom shows that Indian startups aren’t just building point solutions; they’re creating horizontal platforms that can dominate multiple verticals globally.
Read more: Capillary Technologies files IPO papers; aims to raise Rs 430 crore via fresh issue