NoPaperForms Files Updated IPO Papers For ₹375 Cr+ Offer

NoPaperForms, the parent company of education SaaS platform Meritto, has submitted an updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The proposed public issue totals over ₹375 crore, consisting of a fresh issue of shares worth ₹350 crore and an offer for sale (OFS) of up to 3.8 crore equity shares.

As per the filing, the OFS component will see participation only from existing investor Info Edge. The venture capital giant, acting through its entity Startup Investments (Holding) Ltd, plans to offload the entire 3.8 crore shares.

Use of Proceeds and IPO Timeline

The startup intends to allocate the fresh capital towards specific growth initiatives. Approximately ₹148 crore is earmarked for strengthening its technology stack and cloud infrastructure. Another ₹96 crore is designated for customer acquisition and retention efforts. The remaining funds will be used for general corporate purposes and to fuel inorganic growth through potential acquisitions.

This filing comes nearly a year after the company first submitted its draft papers via the confidential route. It subsequently received SEBI's approval to proceed with the IPO in March of this year.

Company Products and Customer Base

Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms operates two main product lines. The Meritto platform provides SaaS-based enrollment automation and customer relationship management (CRM) tools for educational institutions, assisting with student recruitment, admissions, and fee collection.

The Collexo brand offers fee-collection and payment solutions for the education sector. Under Collexo, the company also markets co-branded cards to students through its Pixi brand. Additionally, the startup's Mio AI suite enables educational organizations to deploy artificial intelligence agents across various student-facing and institutional workflows.

The company claims to have served 1,183 customers in the fiscal year ending March 2026, which included 104 overseas clients. Its revenue remains heavily domestic, with India accounting for 91.2% of total FY26 revenue and international operations contributing the remaining 8.8%.

Financial Performance

NoPaperForms demonstrated strong financial growth leading up to its IPO filing. The company's operating revenue increased by 25.2% year-on-year to ₹115.6 crore in FY26, up from ₹92.3 crore in FY25. Profits saw a dramatic surge, rising 534% to ₹11.9 crore in FY26 compared to ₹1.9 crore in the previous fiscal year.

The following table compares key financial metrics for the last two fiscal years:

For the first quarter of FY27, the startup reported an operating revenue of ₹44.8 crore and a net profit of ₹6 crore. The company also processed invoices worth ₹124.6 crore in FY26 and ₹39.9 crore in Q1 FY27.