Capillary Technologies has acquired the CustomerGlu software platform and associated intellectual property from Marax AI, Inc., marking a strategic expansion of its AI-powered loyalty and customer engagement suite. Announced on August 4, 2026, the transaction was executed through Capillary Pte Ltd via an asset purchase agreement. The acquisition aims to unite an interactive engagement layer with AI-led personalization, enabling enterprise brands to bypass heavy IT dependencies and launch interactive user interface experiences in near real-time.

The deal was disclosed in compliance with Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was signed by Gireddy Bhargavi Reddy, Company Secretary and Compliance Officer, and filed with both the Bombay Stock Exchange and the National Stock Exchange of India. The press release is also available on the company’s investor relations website.

CustomerGlu, founded by Prateek Gupta, Raman Shrivastava, and Sumant Subrahmanya, originated at Marax AI by using artificial intelligence to predict buying behavior. The platform now leverages generative AI to trigger in-app gamified actions that drive retention at scale. Marax AI is backed by Techstars, Better Capital, Pentathlon Ventures, SmartStart, Ramakant Sharma, and Paradigm Shift Capital. The acquired technology allows marketers to deploy challenges and streaks directly into digital products without significant engineering bottlenecks.

Strategic Rationale

Siddhant Jain, Chief Customer Officer at Capillary Technologies, stated that the acquisition addresses core challenges regarding IT dependencies that hinder marketing agility. By integrating CustomerGlu, Capillary enables teams to launch and optimize digital experiences in real-time, reinforcing a marketer-first commitment. Prateek Gupta, Co-Founder and CEO at CustomerGlu, noted that the future of loyalty lies at the intersection of intelligence and experience, citing the evolution from recurrent neural network-based churn prediction to AI-driven actioning as a key driver for the partnership.

Company Profile

Founded in 2012, Capillary Technologies supports over 100 loyalty programs in more than 46 countries. Its software-as-a-service platform delivers loyalty experiences for more than 1.9 billion consumers globally. The acquisition follows an eight-month AI-led transformation spearheaded by CEO Prateek Gupta, which expanded the business into new markets and scaled operations using similar efficiency principles now embedded in the CustomerGlu SDK.

Capillary Technologies reported its Q1 financial results, posting a notable sequential improvement in revenue and profitability metrics. Revenue for the quarter came in at 2.56 billion rupees, compared to 1.90 billion rupees in the previous quarter, reflecting a strong quarter-on-quarter uptick in top-line performance.

Financial Performance at a Glance

The company's consolidated profit before tax (PBT) rose to 250 million rupees in Q1, up from 175 million rupees in the preceding quarter, indicating improved operational leverage on a sequential basis. EBITDA also moved higher, reaching 460 million rupees versus 381 million rupees QoQ.

The following table summarises the key Q1 financial metrics against the prior quarter:

Margin Contraction Noted

Despite the absolute improvement in EBITDA, the EBITDA margin contracted on a sequential basis, declining to 17.9% in Q1 from 19.9% in the prior quarter, as stated in the company's official release. This suggests that while revenues and absolute earnings grew, costs scaled at a faster pace relative to revenue during the quarter.

Key Takeaways

• Revenue increased to 2.56 billion rupees from 1.90 billion rupees QoQ
• PBT improved to 250 million rupees from 175 million rupees QoQ
• EBITDA rose to 460 million rupees from 381 million rupees QoQ
• EBITDA margin narrowed to 17.9% from 19.9% QoQ

Overall, Capillary Technologies delivered sequential growth across its headline financial metrics in Q1, with revenue and profit before tax both recording meaningful gains over the prior quarter. The marginal compression in EBITDA margin remains a point of note, as the company's cost base expanded relative to its revenue growth during the period.