IPO · Enterprise Software & IT

NoPaperForms files for IPO, targets INR 500-600 Cr

What they do

NoPaperForms provides a vertical SaaS and embedded payments platform for educational institutions

The company converted to a public company and plans an IPO of INR 500-600 Cr, with listing expected by end of 2025

Info Edge holds a 47.9% stake, and the company turned profitable in FY24 with INR 4 lakh profit

NoPaperForms converted from a private to a public company, changing its name to NoPaperForms Solutions Limited.
The board approved the conversion on May 22, and shareholders approved on May 26.
The company plans an IPO of INR 500-600 Cr ($60-70 Mn).
The IPO valuation is around INR 2,000 Cr ($234-235 Mn).
Listing is expected by the end of 2025.
IIFL Capital and SBI Capital are the investment bankers for the IPO.

NoPaperForms joins other Indian startups like Amagi, Milky Mist, PhonePe, Pine Labs, Razorpay, and Meesho in converting to a public company.
The company turned profitable in FY24 with a profit of INR 4 Lakh, compared to a loss of INR 15.6 Cr in FY23.
Operating revenue grew 45% YoY to INR 70 Cr in FY24.

NoPaperForms is a vertical SaaS and embedded payments platform for educational institutions.
Its flagship product is Meritto, an enrollment operating system covering lead generation, applications, admissions, and analytics.
Its second product is Collexo, a fee management system for payment collection, financial tracking, and installment plans.
Its third product is Mio AI, an agentic AI layer across Meritto and Collexo, including Mio AI Guide and Mio AI Voice.
The company serves universities, colleges, Pre-K & K-12 schools, coaching & test prep, edtech providers, education consultants, entrance examinations, and education groups.
As of FY2026, it has 1,183 customers, centralized 148.76 Mn student enquiries, facilitated 1.86 Bn communications, and processed INR 31,798.47 Mn in fees.

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