Liqvd Digital India Ltd IPO

Full Service digital marketing solutions from performance media buying to creative content creation, influencer marketing, Search Engine Optimization & Performance Marketing.

Experienced promoters and management team with strong domain expertise, supported by a well-trained and skilled workforce.

A diversified and loyal client portfolio, spanning multiple industries and verticals.

In-house technology and optimized operational workflows to deliver scalable, data-driven campaigns with precision and speed.

The company continue to derives a material portion of its revenues from the companys Corporate Promoter - Concept CommunicationLimited. Its derived 12.62% of the companys revenue (on a consolidated basis) from Concept Communication in Fiscal2026, and 44.12% and 14.48% of its revenue (on a standalone basis) in Fiscal 2025 and Fiscal 2024, respectively.If Concept Communication were to suffer a deterioration of their business, cease doing business with the company orsubstantially reduce their dealings with it, the companys revenue could decline, which may have a material adverse effecton its business, results of operations, cash flows and financial condition.

The company continue to derives a material portion of its revenues from the companys top 10 clients by revenue generated in each ofthe Fiscals 2026, 2025 and 2024 (Top 10 Clients). The company derived 52.12%, 85.95%, & 73.46% of its revenue fromthe companys Top 10 clients in Fiscal 2026, 2025 & 2024 respectively. If any or all of its Top 10 Clients were to suffer adeterioration of their business, cease doing business with the company or substantially reduce their dealings with it, the companysrevenue could decline, which may have a material adverse effect on its business, results of operations, cashflows and financial condition.

The companys Registered Office is situated in Maharashtra and its derives a significant portion of the companys revenue from stateof Maharashtra, making it vulnerable to geographical concentration risk. Any adverse developments affectingthe company operations in Maharashtra could have an adverse impact on its revenue and results of operations. The companyderived 29.58%, 80.82%, & 70.80% of its revenue from the state of Maharashtra in Fiscal 2026, 2025 & 2024respectively.

The company has had negative cash flows from operating activities and investing activities in the past and may, in thefuture, experience similar negative cash flows.

There are certain instances of delays in and non-payment of statutory dues by the company. Any further delay in and non paymentof statutory dues may attract financial penalties from the respective government authorities and in turnmay have an adverse impact on the companys financial condition and cash flows.

The companys revenue is highly dependent on certain key industries which include IT & Communication, FMCG &Financial Services. Over the last 3 years the company derived 66.85%, 83.80%, & 75.82% for Fiscal 2026, 2025 & 2024respectively from companies in these industries. Any decrease in demand for marketing services in these industryverticals could reduce the companys revenue and adversely affect its business, financial condition and results ofoperations.

The Company proposes to uses a portion of the Net Proceeds from the Fresh Issue to acquire the remainingshareholding of AdLift Marketing. The company may faces difficulties in completing the acquisition of additional stakewithin the terms mentioned in share purchase agreement, affecting its future plans and prospects.

The company operations are dependent on a limited number of key suppliers. Contribution of its top 10 suppliers was62.88% (on a consolidated basis), 74.47%, & 80.02% (on a standalone basis) in Fiscal 2026, 2025 & 2024respectively. Any disruption or change in terms with these suppliers could impact the companys ability to deliver services,affecting its business, financial condition, and results of operations.

Any changes in trends, decrease in digital advertisement-spend by the companys clients could have a material adverse effecton its business, revenue growth and results of operations and financial condition.

Companies may move their advertising projects, market research and data analysis functions inhouse and set updedicated departments to service their marketing needs, thus reducing the companys prospective customer base. This mayadversely affect its revenues and growth prospects.