Liqvd Digital India IPO

Advertising Market Growth: India’s overall advertising expenditure reached INR 1,22,100 crore in FY26, growing at a 12.0% CAGR from FY20 to FY26. The market is projected to reach INR 1,83,100 crore by FY30F at a 10.6% CAGR.  

Consumption-Driven Demand: Private Final Consumption Expenditure (PFCE) accounted for 56.7% of India’s GDP in FY26, supporting advertising demand across FMCG, retail and automotive sectors.  

Digital Advertising Growth: Digital advertising reached INR 72,102.1 crore in FY26, accounting for 59.0% of total advertising expenditure. It is projected to grow at an 18.8% CAGR to INR 1,43,500 crore by FY30F.  

Traditional Media: Traditional advertising across print, television, radio, OOH and cinema stood at INR 50,000 crore in FY26 and is projected to decline at a 5.7% CAGR through FY30F.  

Market Structure: Global ad networks, large agencies and technology platforms accounted for 72.5% of the digital advertising market, while boutique firms, local agencies and freelancers accounted for the remaining 27.5%.  

Internet and Smartphone Penetration: India had more than 1.03 billion internet users in FY26, with 97.6% of internet users aged 16 and above owning a smartphone. Mobile connections stood at 1.28 billion.  

Youth and Social Media Adoption: India’s social media user base reached 125.5 crore users in CY26P, with users aged 18–34 accounting for 70.8% of the total. This supports demand for short-form videos, reels and interactive campaigns.  

Tier II–IV Markets: More than 83% of internet users are based in non-metro regions, increasing demand for regional-language and localised digital campaigns.  

Advertising Formats: Social media advertising stood at INR 21,198.2 crore in FY26, followed by online video ads at INR 20,138.1 crore, paid search at INR 16,692.1 crore and display advertising at INR 11,658.6 crore.  

Mobile-First Advertising: Mobile advertising accounted for INR 56,528.0 crore, or 78.4% of digital advertising expenditure in FY26. It is projected to grow at a 21.7% CAGR to INR 1,23,800 crore by FY30F.  

Industry Verticals: FMCG was the largest contributor at INR 23,399.1 crore, accounting for 32.5% of FY26 digital advertising expenditure. E-commerce contributed INR 15,942.4 crore, while pharma accounted for INR 3,350.4 crore.  

Enterprise Segments: Large enterprises accounted for 63.3% of FY26 digital advertising expenditure, while startups and MSMEs contributed 36.4%. Startup and MSME digital advertising spend is projected to grow at a 24.9% CAGR through FY30F.  

AI and Personalisation: Meta and Google together accounted for around 85% of India’s digital advertising expenditure. AI-based tools are increasingly being used for personalised creatives, automated bidding and regional-language content.  

Programmatic Advertising: Programmatic buying accounted for 43% of digital advertising expenditure, or INR 31,000 crore, in FY26 and grew at a 31.5% CAGR from FY20 to FY26.  

Influencer and Creator Economy: India’s creator economy reached INR 3,36,500 crore in FY25. Micro and nano influencers accounted for around 80% of creators, with engagement rates ranging between 2% and 4%. 

Acquisition of AdLift Marketing: ₹9.00 crore will be used to acquire the remaining 23.21% stake in AdLift Marketing Private Limited, making it a wholly owned subsidiary.  

Production Infrastructure: Proceeds will be used to establish a Full-Scale Video Content Production Hub (Full Scale VCP Hub).  

Working Capital: ₹6.57 crore will be allocated towards incremental working capital requirements.  

Growth and Corporate Purpose: The remaining proceeds will support inorganic growth through acquisitions and general corporate purposes. 

Integrated Digital Marketing Capabilities: Provides end-to-end digital marketing services, including performance media buying, creative content creation, influencer marketing, social media management, SEO, and web and application development. The acquisition of AdLift Marketing further strengthens its SEO, performance marketing and ROI-focused offerings.  

In-House Technology and AI Capabilities: The company uses proprietary platforms and AI tools to support campaign management, analytics, content creation and search visibility. Its iManage Platform centralises campaign planning, approvals, vendor management, media analytics and performance tracking, while Tesseract AI Lab tracks brand visibility across AI-based search platforms such as ChatGPT, Perplexity, Gemini and Google AI Overview.  

AI-Driven Content Production: Proprietary tools for automated voiceovers, AI-generated content and multilingual subtitling help reduce outsourcing requirements and support faster content production.  

Experienced Leadership and Corporate Backing: The company is promoted by Concept Communication Limited, along with Mr. Arnab Mitra, Mr. Ashish Motilal Jalan and Mr. Vivek Suchanti. The promoters and senior management team have extensive experience across advertising and marketing.  

Strategic Partnership with Concept Communication: A business agreement makes Liqvd the preferred vendor and digital partner for IPO-related digital media engagements and consolidated contracts initiated by Concept Communication.  

Diversified Client Portfolio: The company has served more than 85 clients over the last three years across FMCG, BFSI, IT and communications, healthcare, logistics and retail. Standalone repeat client revenue accounted for 54.21% in FY26 and 91.73% in FY25.  

Video Content Production Hub: IPO proceeds will be used to establish Full-Scale Video Content Production Hubs with advanced post-production and AI automation capabilities. The initiative is expected to support cost savings, faster turnaround and a potential Studio-as-a-Service revenue model.  

AdLift Stake Consolidation: ₹9.00 crore from the fresh issue will be used to acquire the remaining 23.21% stake in AdLift Marketing, making it a wholly owned subsidiary. The company also plans to explore acquisitions in MarTech, content IP and influencer-tech platforms.  

International and Regional Expansion: The company can leverage AdLift Inc.’s presence in the US to pursue enterprise accounts in North America while expanding its domestic operations into Tier II and Tier III markets.  

Cross-Selling Opportunities: Combining AdLift’s SEO and content capabilities with Liqvd’s performance media and creative services can enable integrated digital campaigns and provide opportunities to expand client engagements.  

Digital Advertising Market Growth: India’s digital advertising expenditure is projected to increase from ₹72,102 crore in FY26 to ₹1,43,500 crore by FY30, representing an 18.8% CAGR. Rising adoption of short-form video, vernacular content and programmatic advertising provides opportunities for digital marketing service providers. 

Promoter and Customer Concentration: Concept Communication Limited, the corporate promoter, contributed 12.62% of operational revenue in FY26, compared with 44.12% in FY25 and 14.48% in FY24. The top 10 customers accounted for 52.12% of consolidated revenue in FY26 and over 85.95% in FY25.  

Geographic Concentration: Maharashtra accounted for 29.58% of operational revenue in FY26, compared with 80.82% in FY25 and 70.80% in FY24, indicating a significant concentration of operations in the state.  

Dependence on Key Industry Verticals: IT and Communication, FMCG, and Financial Services together contributed 66.85% of operational revenue in FY26, compared with 83.80% in FY25 and 75.82% in FY24.  

Contingent Liabilities and Legal Proceedings: As of March 31, 2026, the company reported contingent liabilities of ₹0.30 crore, including Income Tax, GST and TDS demands. Direct tax proceedings involving its promoter group entity amounted to ₹24.74 crore.  

Working Capital Requirements: The business is working capital intensive, with trade receivables of ₹23.84 crore in FY26. Operating cash flow was negative at ₹0.46 crore in FY25, mainly due to higher working capital requirements.  

Statutory Compliance and Employee Attrition: The company has reported instances of delayed GST, TDS, EPF and property tax filings and payments. Permanent employee attrition stood at 44.24% in FY26, compared with 44.86% in FY25 and 41.73% in FY24.  

Acquisition of AdLift Marketing: The company plans to use ₹9.00 crore from the IPO proceeds to acquire the remaining 23.21% stake in AdLift Marketing Private Limited, making it a wholly owned subsidiary and allowing integration of its SEO and content capabilities with Liqvd's performance media services.  

Video Content Production Hub: Around ₹10.59 crore of fresh IPO proceeds is proposed to be used to establish a video content production hub with AI automation tools. The facility is expected to support faster project execution, reduce outsourcing dependence and create potential studio rental revenue.  

AI-Based Technology: AdLift's proprietary Tesseract AI lab tracks brand visibility across AI-based search platforms such as ChatGPT, Perplexity and Gemini. The company can use these capabilities to expand its AI Search Optimisation (AIO) offerings.  

International Expansion: The company's U.S. step-down subsidiary, AdLift Inc., contributed 41.45% of AdLift's consolidated turnover in FY26, amounting to ₹15.77 crore, providing access to North American enterprise clients.  

Digital Advertising Market Growth: India's digital advertising market is projected to grow at a CAGR of 18.8% and reach ₹1,43,495 crore by FY30, providing an opportunity for Liqvd Digital India to expand its digital marketing and advertising services. 

Liqvd Digital India IPO DRHP 

Liqvd Digital India IPO RHP 

Indorient Financial Services Limited 

Contact Number: 86575 78989 

Email Address: ipo@bigshareonline.com