Capillary Technologies elevates Anant Choubey and Sridhar Bollam as cofounders

Sridhar Bollam and Anant Choubey (Left to Right)

Cloud-based loyalty tech solutions provider Capillary Technologies has elevated its top leadership team Anant Choubey and Sridhar Bollam to the position of Cofounder in a management rejig.

Choubey and Bollam are part of Capillary since 2010, serving as the Chief Operating Officer and Chief Customer Officer respectively. The new cofounders are IIT Kharagpur graduates.

Choubey started his career with Procter & Gamble while Bollam held consultancy roles before joining Capillary as VP of Analytics.

"Anant with the entire profitability drive in the last couple of years and with Sridhar as the Chief Customer Officer in the US, we’ve been able to turn things around after COVID. We tremendously value their role in the organisation and I’m sure the company will continue to thrive under their leadership," said Aneesh Reddy, cofounder and managing director of Capillary.

Founded in 2012 by Reddy, Ajay Modani, and Krishna Mehra, Capillary Technologies has a presence across the United States, India, the Middle East, and Asia, in particular, Southeast Asia.

Client list

The company claims to be working with over 250 brands, including Tata, PUMA, Shell, Al-Futtaim, Petron, Domino's, Kanmo Group, and Marks & Spencer.

The firm's platform currently powers over 100 loyalty programmes across more than 30 countries and it claims to have a reach of over one billion consumers, processing more than 5 billion annual transactions.

In June of 2023, Capillary raised around $45 million in its Series D funding round in a mix of debt and equity led by Avataar Ventures, Filter Capital, and Innoven Capital.

In a Blogpost on LinkedIn, founder Reddy wrote that the firm has reached the break-even stage and expects to have 10% more free cash in the next few quarters.

"After a few years of getting to breakeven and staying around there, over the next 2 quarters we will move over to being a 10%+ free cash company and hopefully sustain at those levels and build from there," Reddy said.

Capillary Technologies reported operating revenue of Rs 163.3 crore, up nearly 42 percent in FY22 from Rs 114.9 crore in FY21. In 2018, the firm raised $20 million in a new round of funding from private equity firm Warburg Pincus and venture capital firm Sequoia Capital.