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Nov 21, 2025

Capillary Goes Public: Strengthening India’s Global SaaS Story

Capillary Technologies completed its public listing today, representing a significant milestone for the Indian SaaS ecosystem and for Filter Capital. Established in 2008 by a team of young founders who chose to pursue an ambitious vision over established career paths, Capillary has since grown into a leading global, AI-powered loyalty and customer engagement platform. Today, the company serves over 400 brands across 46 countries, reflecting the breadth and durability of its franchise. The founding team, led by Aneesh Reddy, has demonstrated exceptional focus, resilience through multiple market cycles, and a commitment to building a world-class institution from India for global markets.

Filter Capital has been privileged to have had a long association with the Capillary leadership team. As part of the listing, the fund executed a small partial exit of its shareholding, while maintaining a significant continuing investment in the company. We remain highly aligned with the long-term vision of the leadership team and confident in Capillary’s potential to further expand its global footprint.

Capillary’s listing reinforces Filter Capital’s conviction in the ability of Indian SaaS founders to build globally competitive businesses- leveraging strong domain expertise, deep engineering talent, and a culture of customer-centricity. We remain committed to supporting exceptional founders building enterprise software from India for the world.

We extend our sincere congratulations to the entire Capillary team on this landmark achievement.