Indian SaaS start-up Capillary Technologies has secured US $ 45 million in a funding round aimed at expanding its presence in global markets and pursuing mergers and acquisitions. The Series D funding round was led by Avataar Ventures, with participation from Pantheon, 57Stars, Unigestion, Filter Capital, and InnoVen Capital.

The funding consists of US $ 40 million in equity and approximately US $ 5-US $ 7 million in debt. Capillary Technologies, founded in 2012, initially focused on the retail sector in India and Southeast Asia but has since expanded its offerings and entered markets in the Middle East, South Africa, and the United States.

The start-up’s suite of cloud-native solutions, driven by gamification, has attracted over 250 brands across 30 countries and powers more than 100 loyalty programs. Capillary Technologies has completed five acquisitions in the US, including Persuade and Brierly, and is looking to further expand its presence in the US and Europe through strategic acquisitions.

The company has delayed its plans to go public in India due to the current market slowdown but may consider an IPO within the next three years. With a profitable core business and excess cash on its balance sheet, Capillary Technologies has the flexibility to explore listing options.

The start-up, which employs over 750 people and has offices in Dubai, Indonesia, Malaysia, Singapore, India, and the US, counts Sequoia Capital and Warburg Pincus among its existing backers.