IPO · Enterprise Software & IT

Meritto gets SEBI nod for ₹500-600 Cr IPO

By Startup Enthusiast · 27 March 2026

What they do

Meritto provides SaaS-based enrolment automation and CRM for educational institutions

SEBI issued an observation letter on 25 Mar 2026 for its IPO of ₹500-600 Cr at ~₹2,000 Cr valuation

Existing investor Info Edge will sell part of its stake via OFS, likely reducing holding below 25%

Meritto (NoPaperForms) received SEBI approval via an observation letter on 25 Mar 2026.
The company had filed its DRHP confidentially in November 2025.
The IPO size is ₹500 Cr to ₹600 Cr, with a mix of fresh issue and offer for sale (OFS).
The IPO values the company at about ₹2,000 Cr.
Existing investor Info Edge will sell part of its stake through the OFS.
Post-listing, Info Edge's shareholding is likely to fall below 25%.
The book-running lead managers are IIFL Capital Services and SBI Capital Markets.

The IPO gives Info Edge a partial exit from its investment in Meritto.
Meritto's net profit jumped from ₹4 Lakh in FY24 to ~₹1.9 Cr in FY25, a multi-fold increase.
Operating revenue grew 31% YoY to ₹92.3 Cr in FY25.
The company serves over 1,200 institutions including major universities and edtech firms.

Meritto offers a SaaS-based enrolment automation and CRM platform for educational institutions.
Its main product manages student recruitment, admissions, and fee collection.
It also has a payments product called Collexo that automates fee collection and offers EMI options.
The company serves over 1,200 institutions including Manipal University, Shiv Nadar University, Narsee Monjee Institute, and PhysicsWallah.
It operates in India, UAE, and Malaysia.
In FY25, it reported operating revenue of ₹92.3 Cr and net profit of ~₹1.9 Cr.

Info Edge (existing) — Existing investor selling part of its stake via OFS; shareholding likely below 25% post-listing.