NoPaperForms, the parent company of SaaS platform Meritto, has filed an updated draft red herring prospectus with SEBI to launch an initial public offering aimed at raising over ₹375 crore. The startup, which powers enrollment automation and payment solutions for educational institutions, plans to utilize the fresh capital for technology upgrades, customer acquisition, and growth by acquisition.
- Fresh equity raise of ₹375 crore alongside a 3.8 crore share offer for sale
- Proceeds to upgrade tech infrastructure and drive customer growth
- FY26 profits surged 534% to ₹11.9 crore on ₹115.6 crore revenue
What happened
NoPaperForms, a SaaS startup specializing in education technology with products Meritto and Collexo, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India for an IPO. The public offering includes a fresh equity issue worth ₹375 crore and a concurrent offer for sale of up to 3.8 crore shares from Info Edge, the sole participating investor in the secondary sale.
Why it matters
The fresh capital infusion through the IPO will enable NoPaperForms to strengthen its position in the rapidly growing Indian edtech SaaS sector. Its focus on automating enrollment, fee collection, and AI-driven institutional workflows serves a critical niche in education administration, a market witnessing increasing digitization post-pandemic.
Financially, the startup has demonstrated strong momentum, with FY26 operating revenue growing 25% year-on-year to ₹115.6 crore and a profit jump of 534% to ₹11.9 crore. The improving average revenue per customer and growing international client presence indicates scalable business fundamentals and expansion potential.
What to watch next
Market response to NoPaperForms’ IPO in terms of subscription levels and pricing will be key indicators of investor appetite for Indian edtech SaaS companies navigating profitability alongside growth. The participation of marquee investor Info Edge in the offer for sale adds credibility to the public listing.
Post-IPO, monitoring how NoPaperForms deploys funds for tech enhancement, customer base expansion, and acquisitions will be critical to assessing its competitive standing. Additionally, the company’s ability to sustain profit growth while scaling internationally could shape its long-term valuation and market standing.