Capillary Technologies Promotes Choubey and Bollam as Co-Founders in Bold Move to Drive US Expansion
- ByStartupStory | August 16, 2023
Capillary Technologies, a cloud-based loyalty service provider, has promoted Anant Choubey, the Chief Operating Officer, and Sridhar Bollam, the Chief Customer Officer for the US business, as co-founders of the company. This strategic move aligns with Capillary’s growth focus, particularly in the US market, as it aims to achieve post-tax profitability by FY25.
The move comes as the software player has been focused on growth, especially in the US market, and is looking to clock a profit after taxes in FY25, founder and managing director Aneesh Reddy told sources.
“I think fundamentally, the trajectory of the business has changed significantly. And when one thinks about the future of the company for the next 15-30 years, rather than being a lone founder, you need to think of individuals who will be bedrocks to the business and will build the company and its culture along with professional leadership,” added Reddy about the recent elevations.
Established in 2008 by Aneesh Reddy, Ajay Modani, and Krishna Mehra, Capillary Technologies provides omnichannel loyalty software. Over time, Modani and Mehra moved on, leaving Reddy as the sole founder.
“The business has been growing at a remarkable pace. We are now looking at the US contributing over 50% of our overall revenues in just 24 months since launch. Europe is another business that is starting out (in terms of revenues). So, there are a lot of Series-A moments like these for us, and there was never a better time to make these elevations,” Reddy added.
The company’s growth has been remarkable, with the US expected to contribute over 50% of total revenues within 24 months of its launch in that market. The elevation of Choubey and Bollam, both IIT Kharagpur graduates who have been with the company since 2010, is seen as a step to strengthen the company’s leadership for future expansion.
“I look forward to continuing our pursuit of excellence and strengthening our standing in the global loyalty technology space,” said Choubey on the elevation.
“We have great momentum behind us and are looking forward to gaining a larger share of this massive customer loyalty and engagement market,” added Bollam.
Capillary Technologies recently secured $45 million in funding from investors, including Avataar Ventures, Pantheon, 57Stars, and Unigestion. The company has also been active in acquisitions, including the purchase of Brierley+Partners, a Texas-based loyalty solutions provider, to reinforce its presence in the US market.
Reddy declined to comment on the company’s ARR but said, “The lastt few years we have been at breakeven, and I think we will get to 10% free cash in the business by this fiscal year. We will continue our overall organic growth of 30% and will record PAT by fiscal year”.
At present, Capillary Technologies offers an end-to-end customer loyalty platform that empowers businesses with insights into consumers and personalized experiences. With more than 250 global brands in its portfolio, including Tata, Puma, Shell, Petron, Domino’s, and Kanmo Group, the company is on track for organic growth while aiming to achieve profitability by the next fiscal year.
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