Capillary Technologies, a Bangalore based startup just got richer by 84 crores. Sequoia Capital has teamed up along with Norwest Ventures Partners in order to increase their hold in the Bangalore based startup by investing a whopping 84 crores in the company which accelerates the value of the startup to over 600 crores.
The startup will most probably use the invested funds in growing its retail partnership ecosystem in the international markets and enhance its cloud based marketing platform.
The company has already taken the initial steps of growing its retail partnership ecosystem by partnering with Blue Label Engage in South Africa and the American Express Global Merchant Service Businesses.
Capillary Technologies specializes in building artificial intelligence which helps big shot retailers like Puma, Pizza Hut, Nike and Benetton predict and understand their customer purchase behavior.
According to Aneesh Reddy, who co-founded the company with Ajay Modani and Krishna Mehra six years ago, the company’s mission was to basically raise enough money for the next two years. Now, the company in its six years of existence has been successful in raising a total of over 180 crores in funding from investors like Qualcomm Ventures, Sequoia Capital and Norwest Venture Partners.
Reddy further boosts about how the retailers have realized a 15 percent increase in average transaction value and a 30 percent increase in their customer retention rate by implementing the company’s solution. Capillary has been able to add some 50 clients in the past one year. The company’s strength and USP lies in its ability to deliver immediate business results.
The company has recently also partnered with Agilysys, a Georgia based hospitality software maker, which functions across Asia, North America and Europe. According to Anant Choubey, vice president for Asia-Pacific at Capillary, the company is very excited about this partnership as it will allow them to provide innovative solution to all size companies in the hospitality sector.
American Express ventures, which is the Venture capital arm of the world’s biggest credit card issuer by purchases, had made a strategic investment in Capillary Technologies in February this year. This was its first investment in India.
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