Startup Atlas · Customer Loyalty & CRM

Capillary Technologies Listed

Capillary Technologies India Limited ● Bengaluru, Karnataka ● Founded 2008 ● capillarytech.com ↗
Aneesh Reddy · Co-founder, Vice Chairman & Managing Director Krishna Mehra · Co-founder Ajay Modani · Co-founder
$178.55 MnTotal funding (tracked)
7Funding rounds
19 Nov 2025Last round

Capillary Technologies: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

Data-driven personalization, not just a points programme

CEO Aneesh Reddy framing of the product's core value.

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10-20x ROI claimed for brand clients10-20x ROI source
Real-time omnichannel, personalised customer experience source

Customer Segments

Retail brands~28-30% of revenue

Largest industry vertical by revenue share.

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Healthcare (incl. insurance, nutraceuticals)~17-18% of revenue source
Banking & Telecom~15% of revenue

Largely western markets — banks and telecom operators running rewards-led programmes.

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Oil & Gas / Fuel retail~10% of revenue source
Travel & Hospitality~10% of revenue source

Customer Relationships

Test-vs-control measurement of program impact

Brands measure loyalty-programme ROI against a held-out control group.

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Channels

Mobile, social, and in-store engagement source
E-commerce channel (via MartJack acquisition)

Acquired e-commerce software platform MartJack in 2015 to extend into online retail.

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Key Activities

Inorganic growth via acquisitions

Founder Aneesh Reddy on use of Series D proceeds, 2023.

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AI-based cloud-native SaaS product development source

Key Resources

Platform scale1B+ customers reached, 5B+ transactions/year source
100+ loyalty programs powered source
250+ brand clients across 30 countries source

Key Partnerships

Agilysys (hospitality enterprise solutions) source

Revenue Streams

Subscription-based SaaS revenue80%+ of total revenue (FY25) source
Four-product platform suite (Loyalty+, Engage+, Insights+, Rewards+)

Rewards+ added via the 2023 Tenerity Digital Connect acquisition.

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Cost Structure

Employee benefit expenses (largest cost line)56% of total expenditure (Q4 FY26)

Employee benefit expenses are Capillary's single largest cost line, making up more than half of total quarterly spend; they rose 35% year-on-year to Rs 89.6 crore in Q4 FY26 from Rs 66.5 crore in Q4 FY25.

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Software and server charges (cloud/infrastructure costs)Rs 32.7 crore (Q4 FY26)

Technology infrastructure spend on software and server charges came to Rs 32.7 crore for the quarter.

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Professional and consultancy feesRs 25.8 crore (Q4 FY26)

Professional and consultancy fees totalled Rs 25.8 crore for the quarter.

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Total expenditureRs 181 crore (Q4 FY26), +28% YoY

Total expenses across all cost lines rose 28% year-on-year to Rs 181 crore in Q4 FY26, reported as part of Capillary's post-IPO quarterly disclosures.

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FAQs on Capillary Technologies

What is Capillary Technologies's business model?

Capillary Technologies's core value proposition centers on Data-driven personalization, not just a points programme, 10-20x ROI claimed for brand clients, Real-time omnichannel, personalised customer experience.

How does Capillary Technologies make money?

Capillary Technologies's cited revenue streams include Subscription-based SaaS revenue, Four-product platform suite (Loyalty+, Engage+, Insights+, Rewards+).

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: www.business-standard.com www.bseindia.com · Last verified 23 Oct 2026. · Report a correction