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Economic Times
13 hours ago
- Business
- Economic Times
Qcomm's worker woes; Capillary's IPO moves
Happy Friday! Quick commerce platforms are facing challenges in hiring and retaining delivery partners. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Foxconn expands in India ■ Krutrim exits, layoffs■ Groww expands offerings Quick commerce players running out of delivery riders as demand shoots up India's booming quick commerce sector is facing a key operational hurdle: hiring and retaining delivery partners. As demand for rapid deliveries surges, incumbents are scaling up and new players are joining the race. But recruitment has struggled to keep pace with growth. Tell me more: Recruitment platform Vahan, which works with leading gig economy firms, confirms the pressure. Hiring is getting harder as 'manpower availability is not rising in proportion to demand.' Dark store managers echoed the concern. Several said they need more riders, with daily orders nearing 1,500. Quote, unquote: 'Bikers are getting more demanding for all of us. It's becoming tough to hire and retain. These aren't good signs. It's reasonably acute, though not unmanageable yet,' said an executive at a quick commerce firm. Ground reality ET spoke to delivery partners in Bengaluru and New Delhi, most of whom said that falling per-order payouts are making the job unsustainable. A Flipkart Minutes rider said promised referral bonuses aren't being honoured, pushing many to switch platforms for better pay. Harsh weather conditions are adding to the strain on operations. Also Read: Quick commerce fires up record discounts with rivals getting quicker Loyalty tech firm Capillary Tech files draft IPO papers; eyes Rs 430 crore via fresh issue Aneesh Reddy, founder, Capillary Technologies Customer engagement and loyalty tech provider Capillary Technologies India has filed its draft red herring prospectus (DRHP) with Sebi for an initial public offering (IPO), joining a growing list of new-age companies eyeing the public markets. IPO details: Fresh issue: Rs 430 crore. Rs 430 crore. Offer for sale: 18.3 million shares. 18.3 million shares. Promoter Capillary Technologies Pte, backed by Peak XV Partners and Avataar Venture Partners, will offload 14.2 million shares. JM Financial, IIFL Capital, and Nomura are book-running lead managers. Second attempt: The company initially filed its DRHP in December 2021, but the proposal did not receive Sebi's nod. ET had first reported in November that Capillary Technologies was reviving its IPO plans and was aiming to file this year. Objectives: Capillary Technologies will use the proceeds from the fresh issue to: Cover its cloud infrastructure costs. Invest in product and platform R&D. Fund inorganic growth through acquisitions. The funds will be deployed between fiscal years 2026 and 2028. Foxconn plans to make iPhone enclosures in India Apple's largest supplier, Foxconn, is setting up a unit in Oragadam, Tamil Nadu, to manufacture iPhone enclosures, as ET first reported on September 25 last year. The move is part of the Taiwanese contract manufacturer's broader efforts to expand and diversify its operations in India. Foxconn India footprint: iPhone assembly unit at Sriperumbudur, Tamil Nadu. New facility in Devanahalli, near Bengaluru. New AirPods assembly unit in Hyderabad. Progress so far: Construction has commenced at the ESR Industrial Park in Oragadam, close to Foxconn's upcoming display module facility, according to one person aware of the developments. Quote, unquote: "This gives Apple more leverage and also provides Foxconn with ease of integration and boosts value addition," said Neil Shah, vice president, Counterpoint Research. "This improves supply chain effectiveness for Foxconn as well as Apple." Tariff troubles: Apple is keen to move iPhone production to India to avoid potential US tariffs on Chinese-made devices. However, US President Donald Trump has threatened a 25% duty on devices made overseas. Despite this, Foxconn is pressing ahead with its expansion plans for India. Applied Materials says Bengaluru chipmaking centre to rake in $2 billion Suraj Rengarajan, head of semiconductor products group, Applied Materials India American chip equipment manufacturer Applied Materials plans to establish a chip manufacturing centre in Bengaluru for $400 million over four years, Suraj Rengarajan, managing director at Applied Materials India, told ET. The company expects the plant to attract investments up to $2 billion in the future. Other Top Stories By Our Reporters Bhavish Aggarwal, founder, Krutrim Fresh exits at Krutrim: Three senior executives heading engineering and AI product execution at Bhavish Aggarwal's Krutrim have left, as the company laid off over a dozen people from their linguist teams across multiple languages early this week, sources familiar with the matter told us. Groww to apply for corporate bond trading licence: Stockbroker Groww is planning to seek Sebi's approval to offer trading in corporate bonds through its mobile application, according to two people in the know. AI, automation, geopolitics in focus at TCS AGM: Tata Consultancy Services (TCS) will focus on four strategic pillars: establishing a large pool of AI agents to work alongside the human workforce, delivering solutions for a human-plus-AI model, investing in AI data centres, and partnerships, said director Keki Mistry during the company's 30th annual general meeting (AGM). Insurtech firm Renewbuy bags $10 million: Insurance broking startup Renewbuy has secured $10 million (approximately Rs 86 crore) in a funding round from its existing investors, London-based Apis Partners and 360 One (previously IIFL Wealth). Global Picks We Are Reading ■ How much energy does AI use? The people who know aren't saying (Wired) ■ Samsung is desperate to compete on chips. Workers say it comes at a cost. (Rest of World) ■ I tried the future of smart glasses at WWDC. They weren't made by Apple (CNET) Updated On Jun 20, 2025, 07:27 AM IST
Economic Times
a day ago
- Business
- Economic Times
Capillary Technologies files IPO papers; aims to raise Rs 430 crore via fresh issue
ETtech Aneesh Reddy founder and MD Capillary Technologies Customer engagement and loyalty tech provider Capillary Technologies India Ltd has filed its draft red herring prospectus (DRHP) with Sebi for a public listing. The IPO will comprise a fresh issue of equity shares aggregating up to Rs 430 crore and an offer-for-sale (OFS) of up to 18.3 million shares by existing shareholders. This is Capillary Technologies' second attempt at going public after it shelved its initial plans in 2021. The company's Singapore-based promoter entity Capillary Technologies Pte, in which investors such as Peak XV Partners and Avataar Venture Partners, hold a stake, is selling 14.2 million shares in the OFS component. JM Financial, IIFL Capital, and Nomura are acting as the book-running lead managers to the issue. The company intends to use proceeds from the fresh issue to fund its cloud infrastructure cost, while also investing in research, design and development of its products and platform. ET had first reported in November that Capillary Technologies was reviving its IPO plans and was aiming to file this year.
Mint
12-06-2025
- Business
- Mint
Capillary Tech set to file IPO documents by October; Warburg, others to trim stake via listing planned this fiscal
Capillary Technologies, a company specialising in loyalty management and customer engagement software, is likely to file a draft prospectus by October and go public this fiscal, two people aware of the plan told Mint. This would be its second attempt at listing. The company's board approved an initial public offering of ₹2,250 crore, of which ₹500 crore is a fresh issue of shares and ₹1,750 crore is an offer for sale by existing investors, according to a filing with the ministry of corporate affairs earlier this month. Investors such as Warburg Pincus and Avataar Ventures will sell a part of their stakes in the IPO to reach minimum public shareholding norms, the people added. Warburg Pincus first invested in Capillary in 2018 in a $20 million round, alongside Sequoia Capital. Avataar joined the cap table in 2023 in an equity and debt round that totalled $140 million. Also Read | Top secret: IPO-bound startups may opt for confidential filings to keep options open, sensitive information under wraps "The company is on track to list this year. It is likely to be valued at $1.2-1.3 billion. All investors are bullish on the growth of the company but will sell to meet the minimum public holding requirements," one person told Mint, requesting anonymity. This is Capillary Technologies' second attempt at a public listing. It joins startups including Navi and Droom that had initially pursued IPOs during the 2021 boom but are now making a renewed push to go public this year. The company first filed a draft red herring prospectus in December 2021 for a fresh issue of equity shares worth ₹200 crore and an offer for sale of ₹650 crore, totaling ₹850 crore. However, the company did not proceed with the listing at the time. Queries sent to Capillary Technologies, Warburg Pincus, and Avataar Ventures did not elicit a response at the time of publishing the story. Brand loyalty Founded in 2012 by Aneesh Reddy, Ajay Modani, and Krishna Mehra, Bengaluru-based Capillary Technologies helps businesses across various industries to improve customer engagement, drive sales, and build brand loyalty through their AI-powered platform. Also Read | Market meltdown may cut startup IPOs and valuations down to size It has a presence across the US, India, the Middle East, and Asia – in particular, Southeast Asia. The company reported revenue of about ₹600 crore in FY24, up 80%, while its net loss narrowed to ₹59 crore. In May, the company acquired assets from bankrupt Canadian firm Kognitiv in a bid to expand its North American presence and gain access to over 30 enterprise clients.
Barnama
15-05-2025
- Business
- Barnama
Capillary To Expand Global Loyalty Footprint With Kognitiv Deal
KUALA LUMPUR, May 15 (Bernama) -- Capillary Technologies, an artificial intelligence (AI)-powered loyalty management firm, has acquired Kognitiv, a provider of omnichannel loyalty solutions, in a move to strengthen its global footprint and expand its presence in the North American market. This marks Capillary's fourth acquisition in the loyalty sector since 2021, reinforcing its strategy of growth through mergers and acquisitions, according to a statement. "The acquisition represents a pivotal moment in Capillary's journey to redefine how brands foster customer relationships," said Capillary Technologies Co-founder and Chief Executive Officer (CEO), Aneesh Reddy.
Time of India
15-05-2025
- Business
- Time of India
Capillary Tech buys assets of customer loyalty services firm Kognitiv
Capillary Technologies, backed by Warburg Pincus, has acquired assets from the bankrupt Canadian firm Kognitiv, expanding its North American presence and gaining access to over 30 enterprise clients. This acquisition marks Capillary's third in North America as it prepares for a public offering later this year. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Bengaluru-based Capillary Technologies , which provides customer engagement and loyalty software services, said that it acquired certain assets of Kognitiv , a Canadian company that helps clients manage their customer loyalty terms of the deal were had last month filed for protection from creditors under the bankruptcy law in the US, after having accumulated liabilities of more than $10 Warburg Pincus-backed Capillary, which is planning to go public later this year, this is its third acquisition in North company derives more than 60% of its revenue from the US market. The deal will give Capillary access to more than 30 enterprise clients including leading hotel companies in Australia and New Zealand, the UK, Middle East and the US, the company said in a news to sources, Capillary is acquiring a part of Kognitiv's assets without taking its debt Reddy, cofounder and CEO of Capillary Technologies, said: 'Kognitiv's expertise in omnichannel loyalty solutions and their presence in North America complements our global expansion strategy.'For the year ended March 2025, the company reported a 24% year-on-year increase in operating revenue to Rs 598 crore. Capillary turned profitable during fiscal 2025, posting a net profit of Rs 13 crore, against a net loss of Rs 59 crore in FY24, as per its annual November last year, ET reported that Capillary revived its plans for a public issue , through which it could raise as much as Rs 2,000 crore. The company had first filed its draft prospectus with the Securities and Exchange Board of India in December 2021 but then deferred the June 2023, Capillary raised $45 million through a mix of equity and debt from investors including Avataar Ventures and its limited partners, in addition to Pantheon, 57Stars and Unigestion. The round was extended in early 2024 to include secondary transactions, during which Warburg Pincus and American Express partially exited. The round finally closed at $140 Technologies was founded in 2008 by IIT-Kharagpur alumni Aneesh Reddy, Ajay Modani and Krishna Mehra. Modani and Mehra have since moved on from the business, leaving Reddy at the helm. In August 2023, the company elevated senior executives Sridhar Bollam and Ananth Choubey to the cofounder company powers backend loyalty programmes for major corporations and conglomerates such as the Tata Group, Aditya Birla Group, Domino's, Shell, and IndiGo.
