Mobile ad platforms, business messaging (SMS, WhatsApp, RCS), travel and e-commerce SaaS rented by apps and brands (Affle, Tanla, Route Mobile, RateGain, Unicommerce).
Note: years before its listing or not on Screener left blank
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Sells the plumbing apps and brands use to find and serve customers: performance ads that pay per install or purchase, OTPs and delivery alerts over SMS, WhatsApp and RCS, hotel rate and distribution software, and warehouse and order-management software for online sellers.
Why it matters
These companies earn from the whole app economy rather than one winner, often with global customers. But they are also exposed to shifts they don't control - telecom pricing, Meta's WhatsApp pricing, Google and Apple privacy changes.
Where the value pool sits
Performance-ad and SaaS players earn 20%+ EBITDA margins; SMS messaging (CPaaS) is high-volume and low-margin (~10-15%) and is shrinking as traffic moves to WhatsApp and RCS. Route Mobile's FY26 revenue fell as A2P SMS softened; growth is in conversational messaging and ads.
Key drivers
Ad spend shifting to mobile and connected TV
WhatsApp Business and RCS adoption
TRAI anti-spam rules pushing businesses to trusted messaging platforms
Hotel and seller SaaS adoption
Potential bottlenecks
Telecom operators set SMS termination prices
Meta and Google control the newer channels and their pricing