Yaap Digital Ltd. IPO

Yaap Digital

• Yaap Digital is coming out with an initial public offering (IPO) of 55,25,000 shares in a price band of Rs 138-145 per equity share.
• The issue will open on February 25, 2026 and will close on February 27, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.80 times of its face value on the lower side and 14.50 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Shivani Shivshankar Tiwari.

Profile of the company

YAAP Digital, established in 2015 and headquartered in Mumbai, is a digital-first marketing, content, and technology services company. It provides a range of integrated solutions designed to help brands engage digital-first consumers through a combination of storytelling, technology, and data-driven strategies. With additional offices in Gurugram and Hyderabad, as well as international presence in Dubai and Singapore, YAAP serves clients across geographies and industries.

The company’s service portfolio includes influencer marketing, content creation, performance marketing, UI/UX design, media buying, and marketing analytics. YAAP follows a unified model that blends creative development, data-based insights, and AI-enabled marketing tools to support brands in sectors such as financial services, tourism, FMCG, technology, healthcare, and government. It has worked on projects for brands such as Assam Tourism, RuPay, and ITC Hotels, emphasizing the creation of content-based solutions customized to business requirements. 

With its services, the company works towards improving digital experiences and brand interaction Its approach enables clients to streamline their marketing operations by consolidating multiple functions under a single digital partner. Operating in the rapidly evolving digital marketing ecosystem, YAAP focuses on delivering measurable outcomes across various stages of the customer journey. Its strategy is centered on addressing modern marketing challenges through customized digital experiences, brand-owned IP creation, and scalable content solutions. The firm also supports clients with campaign distribution and optimization using programmatic media, paid social strategies, and real-time analytics.

Proceed is being used for

• Funding part payment of purchase consideration for the proposed acquisition of GoZoop Online (GoZoop)
• Funding capital expenditure to be incurred for establishment of an AI-Led Short-Form Content Production Hub (ACP Hub)
• Funding incremental working capital requirements
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry overview

The digital marketing industry leverages online platforms and digital technologies to promote brands, products, and services. It includes key strategies such as search engine optimization (SEO), social media marketing (SMM), pay-per-click (PPC) advertising, email marketing, content marketing, and influencer partnerships. With the growing emphasis on data-driven marketing, the use of artificial intelligence (AI), automation, and analytics is transforming audience targeting and campaign performance. Unlike traditional methods, digital marketing offers real-time engagement, personalized communication, and measurable outcomes, making it an essential tool for modern businesses.

India’s digital marketing market has shown growth across various verticals, with total revenue increasing from Rs 156.07 billion in CY 2019 to Rs 466.41 billion in CY 2024, driven by a strong CAGR of 24.48% and is projected to grow significantly to Rs 1,082.48 billion by CY 2031, reflecting a robust CAGR of 12.8% (CY 2024F - CY 2031F).

Launched in 2015, the Digital India programme aims to transform India into a digitally empowered society and knowledge economy. It focuses on enhancing digital infrastructure, improving internet accessibility, and promoting digital literacy. Initiatives like Bharat Net, Common Services Centres (CSCs), and public Wi-Fi hotspots have expanded internet access to rural and remote areas, increasing the digital customer base. This widespread internet penetration has significantly enabled digital marketing outreach to Tier-2 and Tier-3 cities. Government services have also gone digital, pushing more consumers online and encouraging businesses to invest in digital channels.

Pros and strengths

Digital by design, Not by Transition: It is a marketing solutions company conceived and constructed entirely for the digital age. Unlike legacy advertising firms that have had to transition from traditional formats such as print, television, or out-of-home to digital offerings, its operational model, service framework, and client delivery are purpose-built for the online ecosystem. This foundational orientation gives it a structural edge, not just in executional speed and cost efficiency, but in its cultural fluency and platform adaptability, both of which are critical to success in today’s fast-evolving media environment. As digital communication increasingly takes precedence in consumer journeys, being native to digital formats is no longer optional but essential. A digital-native agency like it understands the subtle but critical differences between creating content for feed-based engagement on Instagram versus skippable formats on YouTube, or building creator collaborations that drive authenticity over unsubstantiated metrics.

Focus on trio of Data, Content and Technology: Its business model is structured to deliver full-stack marketing services across the digital lifecycle which helps in encompassing strategy, design, content, influencer marketing, paid media, and performance analytics all under one roof. At the heart of its business is a deeply integrated approach that brings together the three critical pillars of modern marketing data, content, and technology. This framework is not only the foundation of how it operates, but also a key differentiator that allows it to deliver campaigns that are relevant, scalable, and performance-driven. Unlike conventional marketing firms where these functions operate in silos, it has built its model to ensure that each of these capabilities informs and strengthens it and by helping it designs and delivers marketing solutions that resonate with today’s mobile-first, platform-diverse consumers.

Well diversified customer base with long standing relationships: Its business model was built and continues to evolve around its clients and their specific marketing and advertising requirements and are the central focus of how it structures its service offerings and allocate its resources. It has served over 90 clients in the financial year ended on March 31, 2025. It has a well-diversified client base covering leading brands across multiple industry verticals. It is focused on the BFSI, automotive, FMCG/consumer durables, retail, e-commerce sectors and possess domain expertise across various kinds of client organisation structures, which include private sector business groups, other private companies, multinational companies, public sector enterprises and NGOs. Several of its clients are repeat clients and engage with across its business segments.

Risks and concerns

Significant reliance on a limited number of customers: Its business is concentrated around key clients, which account for a significant amount of its revenue. Revenue from the top 10 customers accounted for 64.51% of the total revenue from operations for the nine months period ended December 31, 2025, and 84.41%, 88.87%, and 86.94% for the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. If it fails to retain these clients, or diversify its client base or if its key clients reduce their marketing budgets, its business, revenue growth, results of operations, cash flows and financial condition may be materially and adversely affected.

Risk of revenue fluctuations due to project-based and short-term contract: A significant portion of its revenue is derived from project-based contracts, which are typically short-term in nature and subject to renewal or renegotiation. Unlike businesses with long-term retainer contracts or subscription-based revenue models, its financial stability relies on the continuous acquisition of new projects or the successful renewal of existing engagements. This inherently unpredictable revenue structure exposes it to fluctuations in cash flow, revenue uncertainty, and operational planning challenges. One of the primary risks associated with this project-based engagement model is the potential loss of key clients at the end of a contract period. If a major client chooses not to renew or extend their engagement with the company, it could result in a sudden drop in revenue, adversely affecting its financial condition. 

Dependence on limited number of key suppliers: Its operations are dependent on a limited number of key suppliers. Direct expenses incurred from the top 10 suppliers accounted for 54.75% of the total direct expenses for the nine months period ended December 31, 2025, and 72.79%, 81.70%, and 77.66% for the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. It relies on a limited number of suppliers for various technology platforms, media inventory, influencer networks, content production, and other outsourced services that are critical to its operations. The availability, pricing, and terms offered by these suppliers directly impact its service delivery, cost structure, and operational flexibility. 

Outlook

Yaap Digital is engaged in the business of providing digital advertising and Media Marketing services, Advertising agency services, digital Influencer services, Social Media Management, organizing various events & campaigns & other related activities for the clients. Through a unified model that blends creative storytelling, data-driven decision making, and AI-powered marketing technologies, it offers an integrated suite of services including influencer marketing, content creation, performance marketing, UI/UX design, media buying, and marketing analytics. On the concern side, its revenues are highly dependent on certain key industries. Any decrease in demand for marketing services in these industry verticals could reduce its revenues and adversely affect its business, financial condition and results of operations. Its growth and profitability may be affected due to intense competition and market disruptions.

The company is coming out with a maiden IPO of 55,25,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 138-145 per equity share. The aggregate size of the offer is around Rs 76.25 crore to Rs 80.11 crore based on lower and upper price band respectively. On performance front, its revenue from operations increased by 35.54% to Rs 15,254.49 lakh for Fiscal 2025 from Rs 11,254.65 lakh for Fiscal 2024. The company recorded a restated profit after tax of Rs 1,193.34 lakh for Fiscal 2025, as compared to a profit of Rs 250.66 lakh in Fiscal 2024.

Meanwhile, it intends to continue strengthening its capabilities and market presence through a focused inorganic growth strategy. In recent years, it has successfully executed strategic acquisitions to enhance its service offerings, gain access to new geographies, and expand its client base. This approach allows it to rapidly onboard niche capabilities, local talent, and pre-existing customer relationships, thereby accelerating its entry into high-growth digital marketing segments and regions. Its inorganic expansion strategy is guided by clearly defined criteria, including cultural alignment, complementary services, operational synergies, and long-term profitability. It actively evaluates companies in areas such as creator management platforms, digital production studios, data analytics, and AI-driven marketing technology and particularly those with differentiated IP or strong footholds in local markets. The goal is to build a diversified digital network under a unified operating structure that delivers integrated solutions across design, content, influencer marketing, discovery, paid media, AdTech and distribution.

In accordance with provisions of Regulation 29(1) (a) SEBI (LODR) Regulation, 2015, Ghushine Fintrrade Ocean has informed that meeting of Board of Directors of company is scheduled to be held on Thursday 14th May, 2026 at registered office of the company at Ground floor -27, Aagam Cross Road, AC Market opposite Star Galaxy near Shrungar Residency, Vesu Abhava road, Surat-395007 to consider and transact the business as stated in the notice of Board Meeting. The important item of agenda to be transacted at the meeting are: a. To consider and approve unaudited Half Yearly Financial Results for the half year ended on 31st march, 2026 with Limited Review Report. b. Any other business with the permission of Chair.

The above information is a part of company’s filings submitted to BSE.

In furtherance to letter dated April 7, 2026, for seeking consent of the Members of the Company by way of remote e‐voting process (‘e-voting’) through postal ballot for increase in Authorized Share Capital and Consequent Amendment to Clause V of the Memorandum of Association of the Company, Camlin Fine Sciences has informed that the above Resolution has been passed by the Members of the Company with requisite majority on May 7, 2026, being the last date of voting. The Voting results of the said Postal Ballot activity through remote e‐Voting, in relation to the aforesaid business, as required under Regulation 44 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 is enclosed. The Scrutinizer's Report dated May 8, 2026, pursuant to Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 is also enclosed. The Voting Results along with the Scrutinizer's Report are also available on the website of the Company: https://www.camlinfs.com/.