Capillary Technologies Files DRHP, Highlights AI-Driven Customer Loyalty Amid Fierce SaaS Competition
Capillary Technologies, a global SaaS company specializing in customer loyalty and engagement solutions, has officially filed its Draft Red Herring Prospectus (DRHP), aiming for a public listing on Indian exchanges. The DRHP underscores rising competition, the growing role of AI in customer strategy, and the company's long-term positioning despite macroeconomic volatility.

Image Source: capillarytech.com
About Capillary Technologies
Founded in 2008, Capillary helps brands across retail, consumer goods, and QSR sectors create data-driven loyalty ecosystems. It serves over 400 enterprise clients across more than 30 countries, including brands like Tata, Domino’s, and Puma.
Its core offerings include:
- AI-powered loyalty programs
- Customer data platforms (CDPs)
- Real-time engagement and analytics tools
Key DRHP Insights
- IPO Details: The issue will include a fresh issue of shares and an Offer for Sale (OFS) by existing investors. The capital raised is expected to fund R&D, product expansion, and potential M&A opportunities.
- SaaS Market Competition: The DRHP cites intensifying competition in enterprise software, especially with Salesforce, Adobe, and Oracle bolstering their loyalty solutions globally.
- AI Integration: Capillary emphasizes AI’s role in personalizing rewards, predicting churn, and optimizing campaign ROI. Its proprietary engine leverages machine learning for real-time loyalty segmentation.
- Geographic Strategy: While India remains a key market, Capillary plans to deepen its presence in Southeast Asia, the Middle East, and the U.S.
Also Read: Fujitsu Unveils AI Avatars with RAG-Based Presentation and Q&A Capabilities in PowerPoint
What Analysts Are Watching
- Profitability metrics pre-listing
- Client retention and upselling trends
- How Capillary balances tech innovation vs. cost containment in a tighter economic environment
If successful, Capillary could become one of India’s standout B2B SaaS IPOs, joining peers like Freshworks and Zoho in global investor conversations.
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