The broker reportedly stated that the company has multiple moats like patents, platforms, first mover advantage in India.

Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer recommendations and conversions through relevant mobile advertising.

On a consolidated basis, Affle India's reported a revenue from operations at Rs 347.5 crore in Q1 FY2023, an increase of 127.9% y-o-y. EBITDA was at Rs 68.7 crore, an increase of 95.9% y-o-y. Profit After Tax (PAT) increased by 93.5% y-o-y to Rs 55.2 crore. This growth was broad-based coming from both Cost Per Converted User (CPCU) business and non-CPCU business, across India & International markets.