Inside Capillary's Tech Stack, PW's Listing Day & More
Capillary Technologies is set to hit the D-Street debut later this week, and the markets are already buzzing. The SaaS major’s public issue was oversubscribed 52X, with the grey market signalling a premium of nearly 5% over its issue price of INR 577. So, how does its IPO stack up?
The Nitty Gritties: Touted as 2025’s first Indian, pure-play SaaS startup IPO, Capillary’s public issue comprises a fresh issue of INR 345 Cr and an OFS component of up to 92.3 Lakh shares. At the upper end of its price band of INR 549 to INR 577 per share, the startup will be pegged at INR 4,576 Cr.
From Kharagpur To The World:
The M&A Playbook:
Concentration & Caution: However, this heavy reliance on the US brings its own set of headaches, exposing the company to geopolitical volatility and regulatory shifts in a single market. More problematic is its customer concentration – a staggering 58.71% of revenue came from just its top ten clients in FY25.
There is also the pressure of high customer acquisition costs, dependence on third-party cloud service providers and constant need to innovate in an AI-driven market. With little room for error, can Capillary deliver listing gains that match the 52X subscription hype? Let’s find out…
- Shares of the edtech unicorn made a stellar debut, listing at INR 145 on the NSE, a premium of 33% above its issue price. On the BSE, the stock listed at INR 143.10, a premium of 31.39% to the issue price of INR 109.
- Continuing its upward trajectory, the stock soared to intraday highs of INR 161.99 and INR 162.05 on the NSE and the BSE, respectively. It pared some gains to close the day at INR 156.49 and INR 155.2 on the NSE and BSE, respectively.
- PW’s public issue comprised a fresh issue of shares worth INR 3,100 Cr and an OFS of up to 380 Cr shares. With the bumper listing, the edtech major notched its intended valuation of INR 31,169 Cr.
- A major outage at the cloud services giant yesterday knocked out numerous popular websites and apps, including X, ChatGPT, Perplexity, Spotify, and PayPal. News platforms like ANI and other media websites also went offline.
- The issue began after a spike in unusual traffic around evening, and its network returning errors. The company is yet to identify the root cause.
- The health and wellness startup slashed its consolidated net loss by 70% YoY to INR 11.8 Cr in FY25, capitalising on a 120% YoY surge in operating revenues to INR 736.1 Cr, improvement in margins and strong product sales.
- However, expenses continued to pinch as the startup’s total expenditure nearly doubled to INR 758.4 Cr during the year under review from INR 380.5 Cr in FY24.
- Founded in 2020, Mosaic Wellness offers telemedicine, supplements, and wellness products tailored for diverse customer needs. It claims to serve over 6.5 Mn customers, and has raised more than $20 Mn to date.
- The Eternal founder is exploring launching a new company called Temple to sell wearable devices that monitor health. However, discussions are at early stages and nothing is finalised yet.
- This follows Goyal saying that his new venture Continue Research had built an experimental device to calculate blood flow to the brain. The company is researching the role of gravity’s pull on blood circulation in the brain behind human ageing.
- Last month, he also announced a $25 Mn seed fund for Continue Research, which was incubated last year as the Eternal cofounder’s personal health and wellness venture.
Gaming
- The Enforcement Directorate carried out searches at the offices of Gameskraft and WinZO across Bengaluru, Delhi and Gurugram yesterday over complaints of algorithm rigging.
- The agency searched 11 locations, including corporate offices and the homes of senior executives. The investigators also found crypto wallets allegedly linked to promoters, raising suspicion of possible laundering through cryptocurrency.
- The action followed FIRs, which claimed that the platforms manipulated their algorithms to put players at a disadvantage. This adds to the troubles of the platforms, which have shut down their RMG verticals following the new online gaming rules.
Managing business travel and expenses (T&E) is a significant challenge for companies as manual claim submissions and dispersed booking systems cause delays, inflate costs, and create employee frustration. Enter ProXpense, a SaaS startup designed to ease this pain point.
The SaaS Solution: Founded earlier this year, ProXpense helps enterprises automate the entire T&E lifecycle. Its AI-powered platform supports omnichannel bookings via WhatsApp and Slack, integrating seamlessly into companies’ existing workflows. The system connects corporate cards for real-time expense tracking and features an “Intelli-Audit” engine that flags policy violations instantly, streamlining compliance.
Beyond Automation: ProXpense also offers automatic receipt matching, detailed department-level spend analytics, and a multilingual voice interface operational in over 150 languages. These capabilities enable enterprises to gain granular visibility and manage expenses globally with ease.
With business travel rebounding strongly post-pandemic, demand for intelligent spend management solutions is soaring. As such, the global SaaS expense management market is projected to grow to $12.05 Bn by 2029. Amid this, can ProXpense’s AI edge solve the puzzle of business travel and expense management?
iD Fresh Food has spent nearly two decades building one of India’s biggest fresh-food brands and is now eyeing INR 1,200 Cr in revenues by FY27. So, what does the brand’s next chapter look like?
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