Dove Soft IPO

GMP History

Financial Performance

As disclosed by Dove Soft in its offer document.

Strengths and risks

Taken from Dove Soft's own offer document — not Arthneeti's assessment.

• ✓The company claims to operate an asset-light business model, with revenues generated through both volume-based, pay-as-you-use arrangements and subscription-based billing. It has also shifted its focus towards customers with higher business volumes, resulting in increased business volumes despite a decline in the number of customers.
• !The company’s top 10 customers contributed Rs 219.03 crore (79.94%), Rs 159.73 crore (85.08%), and Rs 101.31 crore (84.62%) to revenue from operations in FY26, FY25, and FY24, respectively. Failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
• ✓Dove Soft has a diversified service portfolio covering SMS, RCS, voice, WhatsApp, email, and other digital communication channels. It serves businesses across sectors, including telecom, IT, entertainment and media, travel and tourism, real estate, and advertising and events, reducing its dependence on a single service or industry.
• !The company is dependent on clients located primarily in the north and west zones of India. The north zone contributed Rs 164.59 crore (60.07%), Rs 121.34 crore (64.63%), and Rs 85.02 crore (71.02%) to revenue from operations in FY26, FY25, and FY24, respectively, while the West Zone contributed Rs 80.36 crore (29.33%), Rs 60.71 crore (32.34%), and Rs 31.93 crore (26.67%), respectively. Any adverse economic, regulatory, or other developments in these regions can negatively impact the company’s business and financial condition.

About Dove Soft

Dove Soft Limited is a cloud communications solutions provider in India, operating as a Communications Platform as a Service (CPaaS) provider. The company offers communication services through SMS, RCS, voice, WhatsApp, email, and other digital platforms. Its services include transactional and OTP messaging, automated voice calls, campaign management, WhatsApp messaging and bots, email communication, RCS messaging, and digital services. The company serves clients across sectors such as telecom, IT, travel and tourism, media and entertainment, retail, real estate, healthcare, BFSI, automobile, e-commerce and food and beverages. It also acts as an aggregator between telecom operators and clients for the delivery of communication services. Dove Soft has two subsidiaries, Dove Soft Technologies Private Limited and Dubai-based Dove Soft Global FZCO. The subsidiaries provide communication, IT network, SMS, and data-related services.