NoPaperForms Files for IPO, Info Edge to Partially Exit
SaaS startup NoPaperForms has filed an updated DRHP for an IPO comprising a fresh issue of INR 375 crore and an offer for sale of up to 3.8 crore shares.
NoPaperForms, the parent company of education-focused SaaS platform Meritto, has filed updated draft papers with SEBI for an initial public offering. The IPO will consist of a fresh issue of shares worth up to INR 375 crore and an offer for sale (OFS) of up to 3.8 crore equity shares, according to a report.
Investor Info Edge will be the sole participant in the OFS through its holding arm, Startup Investments (Holding) Ltd. Info Edge initially invested in 2017, acquiring a 27.92% stake, and later increased its holding to 47.93% on a fully-diluted basis by leading a INR 28 crore Series B round in 2018. The IPO will provide a partial exit for this largest backer.
Cofounder and CEO Naveen Goyal holds a 30.19% stake in the company on a fully-diluted basis. Fellow cofounder and chief strategy officer Suraj Sapra owns 4.7 lakh shares, representing a 0.22% stake. The remaining 17.6% is held by the NoPaperForms Solutions Employees Stock Option Plan Trust.
Financial Performance
The startup's financials showed significant growth in the last reported fiscal year. Its net profit surged over six-fold, while operating revenue saw a solid increase.
| Metric | FY25 | FY26 |
|---|---|---|
| Net Profit | INR 1.9 Cr | INR 11.9 Cr |
| Operating Revenue | INR 92.3 Cr | INR 115.7 Cr |
For the first quarter of FY27, the company reported an operating revenue of INR 44.8 crore against a net profit of INR 6 crore.
Business Overview
Founded in 2017, NoPaperForms operates two main software products. Its flagship platform, Meritto, is a SaaS-based enrolment automation and CRM tool for educational institutions, helping manage student admissions and fee collection. In FY26, Meritto served 1,183 customers, centralised 148.76 million student enquiries, and processed INR 3,179.85 crore in education fees.
The company's second product, Collexo, offers fee-collection and payments solutions. Under the Collexo brand, its Pixi line sells co-branded cards to students. NoPaperForms also provides an AI suite called Mio AI, enabling educational organisations to deploy AI agents across student-facing and institutional workflows.
Key Executives and Board
The leadership team is led by its cofounders. Naveen Goyal, the cofounder, chairman, managing director, and CEO, was paid a remuneration of INR 58.8 lakh in FY26. Prior to founding NoPaperForms, he headed Careers360 and founded Edukriti Learning Solutions. Suraj Sapra, the cofounder, whole-time director, and chief strategy officer, received INR 47.4 lakh in remuneration last fiscal year. He was previously a senior manager at Info Edge.
The board includes several independent directors who joined in August 2025: Naresh Chand Gupta, founder and CEO of AccuraCap; Neha, cofounder of Clovia; Siddhartha Pahwa, founding partner at Ocimum Partners; and Priyank Shanker Garg from India Angel Network.
IPO Process and Use of Funds
The company filed its draft red herring prospectus via the confidential pre-filing route in November 2025, receiving SEBI's approval for the public listing in March. The funds from the fresh issue are intended to strengthen the SaaS company's cash reserves. The report states the startup enables educational organisations to deploy AI agents across workflows.
Chief Financial Officer Sumit Kejariwal, who joined in July 2022, was paid INR 34.6 lakh in FY26. Company Secretary and Compliance Officer Upasana Srivastava, who joined in September 2025, received INR 18.3 lakh in the last fiscal year.
