IPO · Enterprise Software & IT

NoPaperForms starts IPO process, targets INR 500–600 Cr

By Startup Enthusiast · 5 March 2025

What they do

NoPaperForms provides SaaS-based enrolment and fee automation for educational institutions under brand Meritto

It has hired IIFL Capital and SBI Capital as bankers for an IPO of INR 500–600 Cr, targeting a INR 2,000 Cr valuation

The company serves 1,200+ institutions and expanded to Malaysia and UAE in 2024

NoPaperForms has started the IPO process by hiring IIFL Capital and SBI Capital as investment bankers.
The IPO size is anticipated to be between INR 500 Cr and INR 600 Cr.
The company is targeting a valuation of INR 2,000 Cr.
Draft IPO papers are expected in the upcoming months, with a stock market launch by end of 2025.
Existing investor Info Edge is unlikely to sell shares in the IPO.
The company operates under the brand Meritto and provides SaaS-based enrolment automation solutions.
It has two main products: Meritto (enrolment/recruitment) and Collexo (finance/payments for education).

The edtech sector has seen challenges, such as BYJU's, but also positive moves like PhysicsWallah planning an IPO by end of 2025.
An InnoVen Capital survey found that 73% of startup founders prefer a domestic IPO as an exit, up from 64% in 2023.
The same survey showed 79% of founders believe the fundraising climate will improve by 2025.

NoPaperForms provides a unified technology platform for education, including enrolment cloud, education CRM, application processing, fee collection, and live chat.
Its product Meritto is an enrolment operating system, while Collexo handles fee collection and payments.
In 2025, it launched Mio AI, an agentic AI layer.
It serves universities, colleges, Pre-K & K-12 schools, coaching & test prep, edtech providers, education consultants, entrance examinations, and education groups.
In fiscal 2026, it had 1,183 customers, processed 148.76 Mn student enquiries, sent 1.86 Bn personalised communications, and processed INR 31,798.47 Mn in fees.
It serves over 1,200 academic institutions including Manipal University, Shiv Nadar University, NMIMS, and PhysicsWallah.
It expanded to Malaysia and UAE in 2024.

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