Cloud-based software solutions startup Capillary Technologies has raised around $20 million from existing investors including marquee private equity firm, Warburg Pincus and Sequoia Capital.
According to Aneesh Reddy, Co-founder, and CEO, Capillary Technologies, the fresh proceeds will be predominantly used for research and development of AI product. Besides, the firm is looking to improve its footprint in China and the Middle East and further into Southeast Asia, the company said in a press note.
Founded in 2008 by Reddy, Krishna Mehra, and Ajay Modani, the cloud-based customer engagement and retail solutions firm counts some of the country’s biggest retailers and consumer brands, such as Pizza Hut, Walmart, KFC, Starbucks, and Puma, among its clientele base.
As of now, the Singapore and Bengaluru-based company’s solutions have been used by more than 300 brands across 25,000 stores in over 30 countries. Apart from opening its second office in China at Guangzhou and then another at Beijing later this year, Capillary is also expanding into an adjacent industry – Consumer Goods (FMCG).
Including the current round, Capillary has raised more than $100 million in funding. Its previous investors include venture capital firms like InnoVen Capital, Norwest Venture Partners, and American Express Ventures.
In September 2016, it had raised an undisclosed from InnoVen Capital, the Temasek-backed specialty financing firm.
Private equity firm Warburg Pincus is headquartered in New York and has offices in Beijing, Hong Kong and London. It primarily focuses on investments in the consumer, industrial, media, technology, telecommunications, and logistics sectors.
Some of its portfolio companies in India include Avaya, Bharti Tele-Ventures, CleanMax Solar, Telcordia, Ecom Express, Rivigo, CarTrade and several others.
On the other side, the other investor Sequoia Capital has reportedly closing $1 billion India-focused fund. This will be the sixth India-focused fund and will also be the largest corpus raised for the domestic market.
Capillary Technologies: Website