Capillary Technologies
A Singapore-headquartered software-as-a-service company providing loyalty, customer engagement, e-commerce, and retail analytics solutions.
Last updated August 24, 2026
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Overview
Capillary Technologies is a Singapore-headquartered multinational software-as-a-service company focused on customer loyalty, engagement, commerce, and data-driven marketing for retailers and consumer-facing enterprises. The company was founded in Bengaluru in August 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, initially developing technology intended to help retailers understand customers, manage loyalty relationships, and improve the effectiveness of marketing activity. Its principal platform is Intelligent Loyalty, a cloud-based suite that combines loyalty-program management, customer engagement, campaign execution, rewards, and analytics. The platform is designed to give retailers a unified view of customer interactions across channels and to support personalized offers, member segmentation, points and rewards administration, and measurement of customer behavior. Capillary also provides related consulting and implementation services, including loyalty strategy, program design, customer data activation, and marketing operations. The company’s growth has included both venture financing and acquisitions. It received early recognition when it won $100,000 in Qualcomm’s QPrize business-plan competition in 2009. In 2012, Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners, and Qualcomm. Its business model was subsequently cited in a 2013 Harvard Business Review case study concerning reverse innovation. American Express invested a further $4 million in 2014. Capillary expanded its commerce capabilities through the September 2015 acquisition of MartJack, an e-commerce software platform. The transaction was supported by a $45 million funding round led by Warburg Pincus. The company expanded into China in 2016 and acquired SellerWorx, an e-commerce services and technology business, later that year. It also established a Saudi-focused operating entity, Capillary Arabia, with Veda Holding in 2019. The company continued to broaden its loyalty technology and services portfolio through the acquisition of Persuade, a United States loyalty platform provider, in 2021; Brierley+Partners, a Texas-based loyalty agency and platform provider, in 2023; and the Digital Connect technology assets of Tenerity, a US engagement and rewards platform provider, also in 2023. These transactions strengthened Capillary’s capabilities in loyalty strategy, rewards, customer engagement, and enterprise program execution. Capillary remains privately held. Following a leadership transition in 2022, Sameer Garde became chief executive while co-founder Aneesh Reddy moved to a managing-director role. Garde left the CEO position in March 2024 for personal reasons, after which Reddy returned as chief executive. The company announced $45 million in funding in 2023 and $95 million in secondary transactions in 2024. Its current positioning is that of an enterprise retail-technology provider serving brands that need integrated loyalty, engagement, customer-data, and commerce infrastructure.
History
Capillary Technologies was established in Bengaluru in August 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani. It began as a retail-technology company focused on helping consumer businesses use customer information, engagement tools, and loyalty programs more effectively. The company received $100,000 after winning Qualcomm’s QPrize business-plan competition in 2009, providing early validation and capital for development. In September 2012, Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners, and Qualcomm. Its operating model and technology were later discussed in a 2013 Harvard Business Review case study on reverse innovation. American Express provided a further $4 million in February 2014. These investments supported the company’s expansion from a primarily Indian software business into a broader international provider of retail engagement technology. A major step in the company’s commerce strategy came in September 2015, when Capillary acquired MartJack, an e-commerce software platform. The acquisition was supported by a $45 million funding round led by Warburg Pincus. Capillary subsequently expanded into China in July 2016 and acquired SellerWorx, an e-commerce services and technology company, in October of the same year. Rajan Anandan, then Google’s vice president for Southeast Asia and India, joined the company’s board in December 2016. Capillary raised an additional $20 million in multiple tranches from existing investors Warburg Pincus and Sequoia Capital during 2017 and 2018. In 2019, it partnered with Saudi investment holding company Veda Holding to operate Capillary Arabia, creating a dedicated presence for the Saudi market. The company continued to build its international loyalty capabilities with the acquisition of Persuade, a US loyalty-platform provider, in 2021. Leadership changed in September 2022, when Sameer Garde became chief executive and co-founder Aneesh Reddy shifted to the managing-director position. Capillary then expanded its loyalty-services and platform portfolio through the April 2023 acquisition of Brierley+Partners, a Texas-based loyalty agency and platform provider. In May 2023, the company announced $45 million of funding from Avataar Ventures and its limited partners, including Pantheon, 57Stars, and Unigestion, together with Filter Capital and Innoven Capital. In June 2023, it announced the purchase of Tenerity’s Digital Connect technology assets. Capillary raised $95 million through secondary transactions in February 2024. In March 2024, Garde resigned as CEO for personal reasons, and Reddy returned to lead the company. Capillary’s principal offering is now Intelligent Loyalty, a cloud platform combining loyalty-program administration, customer engagement, marketing, rewards, and analytics. The company also provides consulting and related implementation services to retailers and other consumer-facing enterprises. It remains a privately held company headquartered in Singapore.
- 2024
Leadership return and secondary financing
[1]The company announced $95 million in secondary transactions and restored co-founder Aneesh Reddy as CEO.
- 2023
Brierley+Partners acquisition and new funding
[1]Capillary acquired Brierley+Partners and announced $45 million in funding.
- 2021
Persuade acquisition
[1]Capillary acquired US loyalty-platform provider Persuade.
- 2016
China expansion and SellerWorx acquisition
[1]The company expanded into China and acquired e-commerce technology provider SellerWorx.
- 2015
MartJack acquisition
[1]Capillary acquired e-commerce software platform MartJack.
- 2013
Harvard Business Review case study
[1]Capillary was used as a case study in a Harvard Business Review discussion of reverse innovation.
- 2012
Series funding from institutional investors
[1]The company raised $15.5 million from Sequoia Capital, Norwest Venture Partners, and Qualcomm.
- 2009
QPrize recognition
[1]Capillary received $100,000 after winning Qualcomm’s QPrize business-plan competition.
- 2008
Capillary Technologies is founded
[1]Aneesh Reddy, Krishna Mehra, and Ajay Modani founded the company in Bengaluru in August 2008.
Products and positioning
Enterprise retail-technology and customer-loyalty platform provider
Cloud loyalty and customer-engagement platform
Intelligent Loyalty
Intelligent Loyalty is Capillary’s principal cloud-based software platform. It brings together loyalty-program management, customer engagement, rewards, campaign execution, and analytics. The platform is intended to help retailers create and operate membership programs, organize customer data, segment audiences, personalize communications and offers, and evaluate customer activity across channels. It is positioned as an enterprise system rather than a consumer-facing standalone application.
Loyalty-management software
Capillary Loyalty
Capillary Loyalty refers to the company’s capabilities for designing, administering, and optimizing retail loyalty programs. These capabilities support member enrollment, customer identification, points or rewards structures, program rules, and engagement measurement. The offering is designed for brands seeking to connect purchase behavior and customer interactions with targeted benefits and retention initiatives.
Customer engagement and marketing software
Capillary Engage
Capillary Engage is associated with customer-communication and marketing functions within Capillary’s retail technology portfolio. It supports the use of customer data for audience segmentation, targeted campaigns, personalized interactions, and engagement tracking. The offering complements loyalty management by allowing retailers to communicate with members and customers through coordinated marketing activity.
Brand decisions
2024
Return of co-founder Aneesh Reddy as CEOOtherBackground
Sameer Garde left the CEO role in March 2024 for personal reasons.
Action taken
Co-founder Aneesh Reddy returned to the chief executive position.
Aftermath
The change restored founder leadership after the 2022 transition to Garde.
2023
Acquisition of Brierley+PartnersM&ABackground
Capillary aimed to add established loyalty consulting, agency, and platform capabilities.
Action taken
Capillary acquired Brierley+Partners, based in Frisco, Texas, in April 2023.
Aftermath
The acquisition expanded the company’s loyalty strategy and enterprise program services.
2023
Acquisition of Tenerity Digital Connect assetsM&ABackground
Capillary sought to broaden its customer engagement and rewards technology portfolio.
Action taken
In June 2023, the company acquired the Digital Connect technology assets of Tenerity.
Aftermath
The transaction added technology associated with engagement and rewards services.
2021
Acquisition of PersuadeM&ABackground
Capillary pursued additional loyalty technology and an expanded US presence.
Action taken
The company acquired Persuade, a US loyalty-platform provider.
Aftermath
The transaction strengthened Capillary’s international loyalty-platform capabilities.
2015
Acquisition of MartJackM&ABackground
Capillary sought to extend its retail technology business into e-commerce software and digital commerce operations.
Action taken
The company acquired MartJack, an e-commerce software platform, in September 2015.
Aftermath
The acquisition broadened Capillary’s product scope beyond loyalty and customer engagement into commerce technology.
Recent events
Reported
Capillary Technologies and Petron partnered on Petron’s loyalty program[3]
Capillary Technologies announced a strategic partnership with Petron Corporation to transform Petron’s loyalty program in the Philippines. The reported work includes loyalty technology, automated campaign management, and enhancements to Petron’s mobile application.
- Unconfirmed
Reported
Capillary Technologies acquires Persuade[4]
Capillary Technologies acquired US-based customer experience platform Persuade for an undisclosed amount. The article says the acquisition marked Capillary’s entry into North America and would complement its customer loyalty capabilities.
Sources4 sources
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