As enterprises increasingly use multiple channels for customer communication, the Communications Platform as a Service (CPaaS) segment is expanding beyond traditional text messaging. Dove Soft Limited operates in this space through a range of communication channels and is now raising capital through its SME IPO, with the issue scheduled to close on Monday, October 5.
The Mumbai-headquartered company is raising ₹73.26 crore through its IPO, comprising a fresh issue of 53.28 lakh shares and an offer for sale of 12.72 lakh shares. The price band has been fixed at ₹104–111 per share, with the company proposing to list on the BSE SME platform.
Dove Soft’s CPaaS Business
Dove Soft operates across SMS, RCS, WhatsApp, Voice, Email and other digital channels, providing enterprises with an integrated platform for customer communication. Its technology capabilities include AI-enabled automation, workflow-based engagement, intelligent channel selection and real-time analytics.
The company’s platform allows enterprises to manage multiple communication channels through a single interface. This reflects the broader shift in enterprise communication, where customer interactions can involve a combination of SMS, WhatsApp, RCS, voice, email and automated workflows rather than relying on a single messaging channel.
For Dove Soft, the expansion into these channels represents an effort to broaden its offering beyond traditional messaging services.
Revenue and Profitability
According to the company’s IPO communication, Dove Soft reported 46% growth in revenue and 42% growth in profit after tax between FY2025 and FY2026.
The company was established in 2011 and has built operations across Mumbai, Ahmedabad, Gurugram and Dubai. It serves enterprises and OTT platforms through its communication technology offerings.
Its existing operations provide the company with an established business base as it expands its services across newer communication channels.
Expanding Beyond SMS
A key area to watch for Dove Soft is the development of its business beyond traditional SMS.
SMS remains an established channel for enterprise communication, while RCS, WhatsApp, Voice, AI-enabled solutions and automated workflows provide additional avenues for companies seeking to manage customer interactions across multiple platforms.
Dove Soft has developed a unified communications platform that brings these channels together through a single interface. Its AI capabilities include automation, intelligent channel selection, analytics and workflow-led communication.
The extent to which these newer services contribute to the company’s business following the IPO will be an area to track as Dove Soft continues to expand its product offering.
CPaaS and Enterprise Communication
The wider CPaaS market is linked to the increasing use of digital channels for customer interactions. Banks, financial-services companies, e-commerce platforms, consumer businesses and digital-first enterprises use multiple communication channels to engage with customers.
Providing several channels through a common technology layer can allow enterprises to manage different forms of customer communication through a single platform.
For Dove Soft, its existing communication volumes and enterprise relationships provide a base for introducing additional products and services. Its operations in India and international markets also form part of its existing business footprint.
IPO Subscription Update
At the end of Day 2, Dove Soft’s IPO was subscribed 0.87 times overall. The NII portion was subscribed 1.19 times, while the individual investor portion stood at 0.55 times. The QIB and market-maker portions were subscribed 1.00 time each.
The IPO is scheduled to close on Monday, October 5.
