Capillary Technologies DRHP: A Look At The Shareholding Pattern & Top Leaders

SaaS company Capillary Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 2,250 Cr through an initial public offering (IPO). 

As per the DRHP, the company’s IPO will consist of a fresh issue of INR 430 Cr and an offer for sale (OFS) component comprising 18.3 Mn shares. 

With the funds raised via IPO, it is looking to deploy INR 120 Cr in building up its cloud infrastructure, INR 151.5 Cr in research, design and development of its products and platform and INR 10.3 Cr to purchase computer systems for the company. 

The company is also planning to use funding in acquisitions and general corporate purposes. 

Capillary’s shareholders like Ronal Holdings, Trudy Holdings, Filter Capital India, Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy B, Sudhakar Reddy Katanguri, Sripathi Damodar Reddy and Manjunath Nanjaiah will be offloading their stake via the OFS. 

Notably, this is the company’s second attempt at public listing after deferring its INR 850 Cr IPO in 2021. 

Founded in 2008 by Aneesh Reddy Boddu, Capillary Technologies specialises in providing loyalty management and customer engagement platforms to its customers. It helps businesses across various industries improve customer engagement, drive sales and build brand loyalty through their AI-powered platform. It counts the likes of Tata Digital, Domino’s, Aditya Birla Fashion & Retail, Arvind Fashion, among over 390 clients. 

On the financial front, the company turned profitable in FY25. Capillary reported a profit of INR 13.3 Cr in FY25 as against a loss of INR 59.4 Cr in FY24.

Its topline zoomed 14% to INR 598.3 Cr in the year under review as against INR 525.1 Cr in the fiscal prior. Capillary’s total revenue for the fiscal stood at 611.9 Cr, marking a 14% year-on-year (YoY) uptick.

IPO-Bound Capillary Technologies Cap Table 

The shareholding breakup of Capillary Technologies DRHP shows that the promoters hold a major stake (67.79%) in the company. The promoters include Singapore based holding company Capillary Technologies International Pte Ltd that has 65.47% shareholding and founder, managing director and chief executive officer Boddu that hold 2.32%. 

The remaining 32.21% ownership lies with public shareholders with Ronal Holdings LLC (formerly Avataar II Co-Investment II Ltd) holding the highest share of 7.53%. 

While AVP Fund II (Formerly Avataar Venture Partners II) has 5.51% ownership, Trudy Holdings (Formerly Avataar Holdings) has 4.49% shareholding. 

Mumbai-based venture capital firm Filter Capital’s Filter Capital India Fund I holds 3.66% stake. 

Besides, Asia-Pacific focused private equity (PE) firm, Schroders Capital Private Equity Asia Mauritius IX Ltd has 1.54% shareholding. 

Capillary Technologies, chief operating officer (COO) as well as chief financial officer (CFO) Anant Choubey has 1.25% ownership. 

The company’s chief customer officer (CCO), North America Bollam Sridhar holds 1.09% and GGSA Ventures LLP holds 1.01% shareholding in the company. 

Capillary Technologies’ Top Guns

Board of Directors

Neelam Dhawan

Neelam Dhawan is the chairperson and an independent director of the company. She has over 30 years of experience including in the field of sales operations, business development, and revenue growth initiatives. She has been associated with our company since December 10, 2021. 

She was previously associated with Hewlett-Packard Enterprise India Private Limited as their vice-president, sales, and with HP India Sales Private Limited, Hewlett-Packard Enterprise India Private Limited, and Microsoft Corporation (India) Private Limited as their managing director. In the fiscal year 2025, she received a remuneration of INR 0.1 Cr from the company.

Aneesh Reddy Boddu

Aneesh Reddy Boddu is the founder, managing director and the chief executive officer of the company. He has over 15 years of experience, including in the field of operational management, strategy, business development, and overall executive oversight. He has been associated with the company since its incorporation. He was previously associated with ITC Limited. In the fiscal year 2025, he received a remuneration of INR 1.6 Cr from the company.

Anant Choubey

Anant Choubey is the whole-time director, chief operating officer and chief financial officer of the company. He has over 15 years of experience in managing operational efficiency, strategy and overall organisational financial management and performance. He has been associated with the company since its incorporation. He was previously associated with Procter and Gamble Home Products Private Limited in the capacity of manager of product supply. In the fiscal year 2025, he received a remuneration of INR 1.2 Cr from the company.

Farid Lalji Kazani

Farid Lalji Kazani is an independent director of the company. He has over 37 years of experience including in the fields of corporate finance, audit and assurance. He has been associated with the company since December 10, 2021. He is currently serving as a partner of Amir Advisory Services LLP. In the fiscal year 2025, he received a remuneration of INR 0.08 Cr from the company.

Venkat Ramana Tadanki

Venkat Ramana Tadanki is an independent director of the company. He has over 18 years of experience, including in the fields of distribution logistics, international trade and export operations, brand strategy and market expansion initiatives. He has been associated with the company since December 10, 2021. He was previously associated with ITC Limited, Daksh.com E-Services Private Limited, and Pepsico India Holdings Private Limited, serving in various roles. In the fiscal year 2025, he received a remuneration of INR 0.09 Cr from the company.

Peeyush Ranjan

Peeyush Ranjan is an independent director of the company. He has over 18 years of experience including in the fields of software technology and artificial intelligence. He has been associated with the company since May 7, 2025. He currently also serves on the board of Airship AI Holdings, Inc. He was previously associated with Google Inc., Airbnb, Inc., and Flipkart Internet Private Limited, serving in various roles. He was not paid any remuneration in the fiscal 2025 as he was appointed in May 2025.

Key Managerial Personnel 

Gireddy Bhargavi Reddy

Gireddy Bhargavi Reddy is the company secretary and compliance officer of the company. She has been associated with the company since July 14, 2021. She has previously been associated with Embassy Property Developments Private Limited, MIC Electronics Limited, Meridian Medical Research and Hospital Limited, SMPL Realty Limited, and Nandi Economic Corridor Enterprises Limited. In Fiscal 2025, she received a remuneration of INR 0.5 Cr from the company.

Sunil M Jain

Sunil M Jain is the head – corporate development of the company. He has been associated with the company since September 30, 2019. He has previously worked with Embassy Property Developments Private Limited, Accenture Solutions Private Limited, KPMG Global Services Private Limited, Global e-Business Operations Private Limited, and BSR and Co. In the fiscal 2025, he received a remuneration of INR 0.8 Cr from the company.

Rohan Anil Mahadar

Rohan Anil Mahadar is the chief product officer of the company. He has been associated with the company since August 31, 2015. He has previously worked with IBM India Private Limited, Cognizant Technology Solutions India Private Limited, and was the product manager and co-founder at ThreePoint Technologies Private Limited. In the fiscal 2025, he received a remuneration of INR 1.0 Cr from the company.

Piyush Kumar

Piyush Kumar is the chief technology officer of the company. He has been associated with the company since August 1, 2016. He has over 10 years of experience and has previously worked with HiveMinds Innovative Market Solutions Private Limited, Thought Works Technologies India Private Limited, Qwest Telecom Software Services Private Limited, and Sapient Consulting Private Limited. In the fiscal 2025, he received a remuneration of INR 1.3 Cr from the company.

James Vincent Sturm

James Vincent Sturm is the senior vice president, americas and strategic principle of the company. He has been associated with the company since January 1, 2021. He was previously associated with Brierley + Partners, Inc. as their president and chief executive officer. In the fiscal 2025, he received a remuneration of INR 2.7 Cr from CTL, a subsidiary of the company.

Melody Mitchem

Melody Mitchem is the global head – human resources of the company. She has been associated with the company since April 1, 2023. She was previously associated with etalk Corporation, Brierley + Partners Inc., Verio Inc., Vertex Business Services LLC, and Middlebrook Pharmaceuticals Inc. In the fiscal 2025, she received a remuneration of INR 1.7 Cr from Capillary Brierley, a subsidiary of the company.

Bollam Sridhar

Bollam Sridhar is the chief customer officer – North America of the company. He has been associated with the company since its incorporation. He was previously associated with Hansa Customer Equity Private Limited. In the fiscal 2025, he received a remuneration of INR 2.4 Cr from Capillary Brierley, a subsidiary of the company.

Ravi Jaswani

Ravi Jaswani is the head – finance of the company. He has been associated with the company since June 23, 2022. He was previously associated with BSR & Associates LLP as their associate director of audit. In the fiscal 2025, he received a remuneration of INR 0.5 Cr from the company.

Siddhant Jain

Siddhant Jain is the chief customer officer – Asia of the company. He has been associated with the company since incorporation. He has not been employed with any other organisation prior to joining the company. In the fiscal 2025, he received a remuneration of INR 1.6 Cr Mn from Capillary Dubai, a subsidiary of the company.

Santosh Reddy Nigudagi

Santosh Reddy Nigudagi is the vice president – sales and marketing of the company. He has been associated with the company since March 17, 2014. He was previously associated with Induslynk Training Services Private Limited, NIIT Limited, Agilent Technologies India Private Limited, and N.I. Systems (India) Private Limited. In the fiscal 2025, he received a remuneration of INR 1.0 Cr from Capillary Malaysia, a subsidiary of the company.

Lalit Sharma

Lalit Sharma is the senior vice-president – Europe of the company. He has been associated with the company since incorporation. He was previously associated with dunnhumby IT Services India Private Limited and UGAM Solutions Private Limited. In the fiscal 2025, he received a remuneration of INR 0.4 Cr Mn from the company and INR 1.9 Cr from Capillary Europe, a subsidiary of the company.