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Liqvd Digital India

• Liqvd Digital India is coming out with an initial public offering (IPO) of 75,94,000 shares in a price band of Rs 51-54 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 5 and is priced 10.20 times of its face value on the lower side and 10.80 times on the higher side.
• Book running lead manager to the issue is Indorient Financial Services.
• Compliance officer for the issue is Sonal Dilip Biyani.

Profile of the company

The company develops and manages a range of digital marketing content, through services like social media management, media planning and buying across platforms, online reputation management, creative and content production, influencer marketing operated through a in house creator network, and web and application development.  The primary objective of the company is to provide effective media solutions and leverage on technology to help brands, companies, and businesses identify, target, acquire, and retain the right audience for their products and services. It serves a broad client base, working with large enterprises, mid-sized brands, and direct-to-consumer startups. 

The company and AdLift Marketing are present in India with offices in two cities viz. Mumbai and Gurgaon, and a compact inhouse studio in Mumbai with a green screen set up which is used for internal content (founder videos, interviews), and support basic production activities like green screen, editing and voiceover coordination. AdLift Inc has allowed it to venture abroad into United States of America. In April 2025, the company acquired majority stake in AdLift Marketing. AdLift Marketing is digital marketing agency with operations in India and the United States, through its subsidiary AdLift Inc. AdLift Group focuses in SEO & performance marketing which also acts as a forward integration for the company and enables it to provide the entire spectrum of digital marketing services.

Proceed is being used for:

• Funding of purchase consideration for acquisition of 23.21% stake in AdLift Marketing Private Limited.
• Funding capital expenditure, operating expenditure and other expenditure to be incurred for establishment of a Full-Scale Video Content Production Hub (Full Scale VCP Hub)
• Funding its incremental working capital requirements
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry overview

India’s digital ecosystem is undergoing a significant transformation, fueled by increasing connectivity, affordable devices and a tech-savvy population. This shift is not only expanding access to information and services but also creating new avenues for consumer engagement, making digital infrastructure a critical enabler of economic and social activity. India’s mobile market is transitioning from rapid user addition to more stable expansion, with the subscriber base expected to reach 1,209 million by Calendar Year 2026.

In FY’26, India's Digital Advertising Spend reached Rs 72.1 thousand crore registering a CAGR of 28.8% between FY’20 to FY'26. By Fiscal Year 2030 Forecast (FY’30F), the market is projected to reach Rs 143.5 thousand crore at a CAGR of 18.8% between FY’26 and FY’30F. The Indian Digital Advertising Market is segmented into organized and unorganized sectors. The market is largely organized with 72.5% share, characterized by global ad and media networks, large domestic agencies, and technology/platform companies. While the 27.5% unorganized segment is captured by freelancers, small scaleagencies, and informal service providers. In FY’26, India’s Digital Advertising Market reached Rs 72.1 thousand crore. The Market is divided into various Media Formats: social media, Online Video Ads, Paid Search, Display & Ad Spend, Others Incl. Classified (E-Mail Marketing, Affiliate Network and Influencer Promotions).

The Government of India has introduced various initiatives aimed at developing skills and infrastructure in creative media and digital marketing. Major initiatives include The Digital India Mission, create for India - MyGov, the ‘Born on Instagram’ collaboration with MyGov, Skill India offers courses in areas such as content production, video editing and WAVES initiative focuses on building competencies in digital communication and media for young individuals entering creative sectors. In addition, the Ministry of Information & Broadcasting has increasingly focused on strengthening digital media governance frameworks and creator economy enablement through evolving policy consultations in 2024-2025.

Pros and strengths

Full service digital marketing solutions: Its broad service offering includes content creation and production, media buying, content marketing and performance reporting. Additionally, through its acquisition of AdLift Marketing, it now offers additional services like performance marketing and SEO, and AI-driven content creation thus becoming a one stop solution for its clients. The company develops and manages a range of digital marketing content, through services like social media management, media planning and buying across platforms, online reputation management, creative and content production, influencer marketing operated through an in-house creator network, and web and application development. It leverages its interrelated and complementary business segments to provide support to its clients, in one or multiple aspects of the media buying, content creation and content marketing value chain. All these services are coordinated internally, allowing campaigns to be planned, executed, and tracked through a unified system across all functions.

A diversified and loyal client portfolio, spanning multiple industries and verticals: Its business model was built and continues to evolve around its clients and their specific marketing and advertising requirements and determines its execution strategy and resource allocation. It has served 85 clients over the last 3 years. The company provides its services to clients from various industry sectors such as information technology & communication, FMCG, logistics, financial services, manufacturing, healthcare etc.

In-house technology and optimized operational workflows to deliver scalable, data-driven campaigns with precision and speed: The company has developed in-house platform called iManage, which centralizes project planning, approvals, vendor management, and performance tracking streamlining workflows and driving operational efficiency. The Company’s strength is anchored in its suite of in-house platforms, developed by the company and its subsidiary, AdLift Marketing. AdLift Marketing created Tesseract, an AI lab that accelerates campaign delivery, automates content, and provides deep audience insights-allowing brands to track their presence and influence across emerging AI search platforms such as ChatGPT, Perplexity, and Gemini. By integrating these platforms, the company benefits from enhanced scalability, consistent execution across locations, and a competitive edge as a SaaS-enabled growth leader in digital marketing.

Risks and concerns

Dependence on limited number of key clients: The company continues to derive a material portion of its revenues from its top 10 clients by revenue generated in each of the Fiscals 2026, 2025 and 2024 (Top 10 Clients). The company’s derived 52.12%, 85.95%, & 73.46% of its revenue from its Top 10 clients in Fiscal 2026, 2025 & 2024 respectively. If any or all of its Top 10 Clients were to suffer a deterioration of their business, cease doing business with it or substantially reduce their dealings with the company, its revenues could decline, which may have a material adverse effect on its business, results of operations, cash flows and financial condition.

Revenue concentration in Maharashtra: The company derives a significant portion of its revenue from state of Maharashtra, making it vulnerables to geographical concentration risk. Any adverse developments affecting its operations in Maharashtra could have an adverse impact on its revenue and results of operations. It derived 29.58%, 80.82%, & 70.80% of its revenue from the state of Maharashtra in Fiscal 2026, 2025 & 2024 respectively. Its dependency on select geographic location exposes it to regional economic fluctuations, regulatory changes, and local market dynamics. Adverse conditions such as economic downturns, political instability, or natural disasters specific to that region could significantly impact its revenue stream and negatively affect its financial performance.

Dependence on IT, FMCG and Financial Services sectors: Its revenues are highly dependent on certain key industries which include IT & Communication, FMCG & Financial Services. Over the last 3 years, it derived 66.85%, 83.80%, & 75.82% for Fiscal 2026, 2025 & 2024 respectively from companies in these industries. Its dependence on these sectors exposes to the economic and business risks that these sectors may face, including economic slowdowns, market volatility, regulatory changes, technological disruption, and changing consumer preferences. In periods of economic downturn, these sectors may experience reduced advertising expenditure, which in turn could lead to a decrease in the demand for its services. As a result, if there is a decrease in demand for its services from these sectors or its failure to diversify sufficiently into other sectors, for any reason, its financial condition and results of operations could be materially adversely affected.

Outlook

Liqvd Digital India is engaged in the business of digital marketing focusing on the reality, social media marketing, mobile marketing, localised services, providing creative solutions against commission/ retainer based commercial arrangements. It also carries on the business of creating, delivering, and certifying digital and other marketing training courses and to undertake research which would include on ground and online consumer interactions to have a scientific process of data collection. On the concern side, the marketing and advertising industry is characterized by low barriers to entry, resulting in ongoing competition from new market participants, including firms providing boutique and specialized services. There can be no assurance that it will be able to effectively compete with such entrants. Failure to respond to increased competition could adversely affect its market share, reputation, and revenues.

The company is coming out with a maiden IPO of 75,94,000 equity shares of face value of Rs 5 each. The issue has been offered in a price band of Rs 51-54 per equity share. The aggregate size of the offer is around Rs 38.73 crore to Rs 41.01 crore based on lower and upper price band respectively. On performance front, the revenue from operations increased by 142.22%, from Rs 2,486.95 lakh in Fiscal 2025 to Rs 6,023.91 lakh in Fiscal 2026. Profit after tax increased by 257.00%, from Rs 224.82 Lakhs Fiscal 2025 to Rs 802.60 Lakhs in Fiscal 2026.

Meanwhile, the company is focused on leveraging cutting-edge technologies, including artificial intelligence (AI), automation, and in-house digital platforms, to enhance operational efficiency, drive margin expansion, and unlock new revenue opportunities. As part of this strategy, it is making consistent investments in technology-led solutions to streamline workflows, reduce manual intervention, and improve client outcomes. The company intends to build strong in-house video production capabilities by establishing state-of-the-art studios equipped with advanced post-production facilities to address the growing demand for diverse digital content.