Dove Soft IPO

Dove Soft is an integrated cloud-communications or CPaaS provider offering SMS, RCS, Voice, WhatsApp, Email and other digital products. The company acts as an aggregator between telecom operators and clients and supplies messaging and engagement tools to enterprises and over-the-top platforms.

Dove Soft serves clients in telecom, information technology, travel and tourism, entertainment and media, advertising and events, retail, real estate, healthcare and cosmetics, BFSI, automobile, e-commerce and food and beverages. It has two subsidiaries: Dove Soft Technologies Private Limited, which mainly serves Indian clients that cater to international customers, and Dubai-based Dove Soft Global FZCO. The subsidiaries contributed 18.24% and 4.33%, respectively, to FY26 consolidated revenue.

SMS generated 88.61% of FY26 revenue from operations, voice contributed 4.79%, WhatsApp 2.76%, RCS 2.19%, digital marketing 1.64% and Email 0.02%. RCS increased from nil in FY24, while Voice increased from 0.33%; the telecom customer sector remained the largest business segment at 87.05% of FY26 revenue. Domestic revenue accounted for 91.16% in FY26, while international revenue increased to 8.84%. Uttar Pradesh contributed 51.05% of FY26 revenue, followed by Maharashtra at 20.05%, Gujarat at 9.28% and Rajasthan at 6.73%; the United Arab Emirates contributed 8.17%. The business uses an asset-light model with volume-based and subscription-based billing. SMS, Email and Voice Call purchases represented 79.37% of FY26 purchases, while international purchases represented 15.02%.