Dove Soft Ltd
Dove Soft is an integrated cloud-communications solutions provider offering multi-channel enterprise messaging services including SMS, WhatsApp, Voice, Email, and RCS to businesses across sectors like telecom, BFSI, retail, and e-commerce.
Overview
About the Company
Founded in August 2011 and headquartered in Mumbai, Maharashtra, Dove Soft Limited operates as a cloud-based enterprise communication solutions provider. The company delivers integrated messaging services spanning SMS, Rich Communication Services (RCS), WhatsApp Business API, Voice solutions including IVR and automated outbound dialers, and Email marketing infrastructure. Its platform serves enterprises and over-the-top platforms across diverse industries including telecommunications, information technology, banking and financial services, insurance, e-commerce, retail, healthcare, real estate, automotive, travel, entertainment, media, advertising, and food and beverage sectors. The company employs a usage-based revenue model where clients pay according to message and voice pulse volumes processed. As of March 31, 2026, Dove Soft employed 92 personnel across various departments.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Funding working capital requirements of the Company - ₹46.00 crores
- › General Corporate Purposes - ₹13.14 crores
✅ Strengths
- ✓ Sustainable business model with consistent financial track record demonstrated by 46% revenue growth and 42% PAT growth between FY2025 and FY2026
- ✓ Diversified service portfolio reducing dependence on any single industry, product or service offering
- ✓ Scalable cloud-based delivery platform supported by robust infrastructure enabling efficient application management
- ✓ Experienced promoter and senior management team with deep domain expertise
- ✓ Multi-channel communication capabilities covering SMS, RCS, Voice, WhatsApp, and Email
- ✓ Recurring usage-based revenue model generating predictable income streams
- ✓ Strategic relationships with mobile network operators and channel partners
⚠️ Risks
- ! High customer concentration risk with top 10 clients contributing majority of revenue
- ! Substantial working capital requirements due to extended credit terms provided to customers
- ! Dependency on direct telecom operators and third-party infrastructure providers for service delivery
- ! Regional revenue concentration primarily in Northern and Western India regions
- ! Past instances of negative cash flows from operating activities
- ! SME category with limited liquidity and higher volatility compared to mainboard listings