Capillary Technologies signs JV with Saudi-Based Veda Holding
The venture will allow Capillary Technologies access to Saudi’s retail, food and beverage and manufacturing sector, and the ability to provide support to customers.
“We are excited to strengthen our presence in Saudi Arabia with the joint venture with Veda Holding. It demonstrates our commitment to the local market and gives us the opportunity to onboard local talent to provide support to our customers in their preferred method,” said Aneesh Reddy, CEO and Co-founder Capillary Technologies.
Founded in 2017 by Fahad Alhokair, Veda Holding is an investment holding company with interest in luxury fashion and beauty brands.
“Veda Holding is committed to redefine the retail experience in the country and help retailers drive growth. We believe this joint venture will enable us to jointly explore and develop the retail ecosystem and bring it on par with global standards,” said Fahad Alhokair, Founder, Veda Holding.
Capillary Technology said it caters to 400 brands. It had recently said that it is targeting a 50% year-on-year growth in revenues, in line with the 100% growth the company claimed to have seen in the past two years.