NoPaperForms Solutions Ltd, the parent company of education-focused SaaS platform Meritto, has filed its updated draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The proposed IPO includes a fresh issue of shares worth Rs 375 crore and an offer for sale of up to 3.84 crore equity shares by Startup Investments (Holding) Ltd. The filing follows the company's confidential preliminary submission in November and SEBI's approval in March.
IPO Structure and Capital Allocation
The fresh issue component will raise Rs 375 crore, while the offer for sale will see investor Startup Investments (Holding) Ltd, the venture capital arm of Info Edge, offload 3.84 crore equity shares. From the fresh proceeds, approximately Rs 148 crore is earmarked for strengthening technology infrastructure and cloud capabilities, and Rs 96 crore will support customer acquisition and retention. Remaining funds are designated for general corporate purposes and potential inorganic growth through acquisitions.
Company Background and Product Offerings
Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms operates two flagship products: Meritto and Collexo. Meritto provides SaaS-based enrolment automation and customer relationship management tools for student recruitment, admissions and fee management, while Collexo focuses on full stack payment solutions for educational institutions. The Pixi brand under Collexo offers co-branded cards to students, and the Mio AI suite enables deployment of AI agents across student-facing and institutional workflows.
Platform Scale and Customer Reach
During fiscal 2026, the company served 1,183 customers, including 104 international clients, with India accounting for 91.2 percent of total revenue. Student enquiries processed through the platform rose to 14.88 crore in fiscal 2026 from 8.95 crore in fiscal 2024, reflecting a compound annual growth rate of 29 percent. Fee collections processed through the platform more than doubled to Rs 3,180 crore in fiscal 2026, compared with Rs 1,541 crore in fiscal 2024.
Financial Performance and Growth Metrics
NoPaperForms reported operating revenue of Rs 115.6 crore in fiscal 2026, a 25.2 percent increase from Rs 92.3 crore in the previous year. Net profit surged 534 percent to Rs 11.9 crore during the same period, compared with Rs 1.9 crore in fiscal 2025. Average revenue per customer improved to Rs 9.8 lakh in fiscal 2026, and the company posted operating revenue of Rs 44.8 crore and a net profit of Rs 6 crore in Q1 FY27.
Listing Details and Market Context
IIFL Capital Services and SBI Capital Markets are serving as the book running lead managers to the issue, with MUFG Intime India acting as registrar. The company is tapping the capital markets amid growing adoption of technology driven platforms in India's education and digital payments ecosystem. The public issue is expected to support the company's expansion and further development of its vertical SaaS and agentic AI offerings.
NoPaperForms Solutions has reached a significant milestone with its updated IPO filing, positioning itself to raise fresh capital for technology, customer acquisition, and strategic expansion. The company's consistent revenue growth, improving profitability, and expanding platform usage underline its relevance in the education technology space. Investors and industry observers will watch the upcoming public issue as a test of demand for profitable, vertical SaaS businesses serving the education sector.