Dove Soft IPO

Dove Soft IPO is a book build issue of ₹73.26 crores. The issue is a combination of fresh issue of 53.28 lakh shares aggregating to ₹59.14 crores and offer for sale of 12.72 lakh shares aggregating to ₹14.12 crores.

Swastika Investmart Limited is the book running lead manager and Purva Sharegistry (India) Private Limited is the registrar of the issue. The Market Maker of the company is Swastika Investmart Limited.

About Dove Soft Limited

Dove Soft Limited was originally incorporated as a private limited company under the name Dove Soft Private Limited on August 19, 2011. It was subsequently converted into a public limited company pursuant to a shareholders’ resolution passed on August 17, 2022, and its name was changed to Dove Soft Limited, with a fresh certificate of incorporation issued on September 19, 2022.

The company is headquartered in Mumbai, Maharashtra, and operates as a cloud-based Communication Platform as a Service (CPaaS) provider. Its platform enables enterprises and public sector institutions to manage and automate customer communications across multiple digital and voice channels. The company has evolved from a messaging-focused service provider into an integrated CPaaS platform offering SMS and OTP messaging, RCS, WhatsApp Business API, voice and AI-enabled voice bots, enterprise email solutions, and mobile identity verification through its Sekura.id platform.

Dove Soft serves customers across sectors including media and entertainment, retail and consumer goods, automotive, manufacturing, banking and financial services, and government-backed institutions. Its operations are supported by offices in Mumbai, Ahmedabad, Gurugram, and Dubai, along with its subsidiary, Dovesoft Tech. The company follows an asset-light, cloud-native operating model, with its core activities focused on platform development, product management, enterprise integration, compliance, and customer support.

Industry Outlook

• The Indian CPaaS market is projected to grow from USD 1.17 billion in 2026 to USD 10.32 billion by 2036, implying a 24.28% CAGR. The growth is attributed to increasing enterprise adoption of programmable communication across regulated and high-volume use cases.
• The global CPaaS market is estimated at USD 32.76 billion in 2026 and is projected to reach USD 324.91 billion by 2036, representing a 25.79% CAGR. The RHP links this expansion to enterprise digitisation, application-based customer engagement, and greater integration of programmable communication into business processes.
• India had approximately 1.17 billion wireless subscribers as of Q3 FY2025. The company notes that widespread mobile broadband adoption underpins large-scale application-to-person (A2P) communication, with enterprise messaging forming the core operational layer of CPaaS services.
• The company identifies growth in digital payments, e-commerce, and BFSI usage as high-impact drivers across the 1–2, 3–4, and 5–7 year horizons. India’s UPI ecosystem processed a record 21.70 billion transactions worth ₹28.33 lakh crore in January 2026, generating demand for OTPs, transaction alerts, confirmations, and fraud-related communications.
• API-led digital transformation, cloud adoption, and regulatory compliance are rated high-impact growth drivers across all time horizons. Meanwhile, AI-driven omnichannel engagement is rated medium in the near term and high over the medium and long term, as enterprises move from single-channel communication toward integrated messaging, voice, chat, email, analytics, and AI-based automation.

Dove Soft IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Towards working capital requirements.
• Towards general corporate expenses.
• To cover offer-related expenses.

Financial Performance of Dove Soft Limited

Dove Soft Limited Peer Details Comparison