IPO · Enterprise Software & IT

NoPaperForms gets Sebi nod for IPO

By Startup Enthusiast · 18 August 2026

What they do

NoPaperForms is an education-focused SaaS company that owns the Meritto brand

It received Sebi approval for an IPO expected to raise ₹500–600 Cr at a valuation of about ₹2,000 Cr

In FY26, its profit after tax jumped 6.3 times to ₹11.9 Cr on revenue of ₹115.7 Cr

NoPaperForms received SEBI approval for its IPO in March 2026.
The company had filed draft IPO papers confidentially with SEBI in November 2025.
An updated DRHP has not yet been filed.
The IPO is expected to raise ₹500 Cr to ₹600 Cr at a valuation of about ₹2,000 Cr.
Book-running lead managers are IIFL Capital Services and SBI Capital Markets.
In FY26, the company posted a profit after tax of ₹11.9 Cr, up 6.3 times from ₹1.9 Cr in FY25.
Operating revenue grew 25% to ₹115.7 Cr from ₹92.3 Cr in FY25.
Adjusted EBITDA doubled to ₹12.9 Cr, with a margin of 11.16%.

The company's profit after tax grew 6.3 times in FY26, while revenue rose 25%.
It filed IPO papers confidentially, meaning the draft was not made public initially.
The IPO size of ₹500–600 Cr is large relative to the company's current revenue of ₹115.7 Cr.

NoPaperForms is an education-focused SaaS company and the parent of Meritto.
Its products include Meritto (admissions & enrolment software), Collexo (fee management & payments), and Mio AI (AI products).
Revenue models are subscription- and consumption-based for Meritto and Mio AI, and subscription- and transaction-based for Collexo.
Its customers are educational institutions such as universities, colleges, schools, coaching centres, edtech firms, consultants, and exam bodies.
In FY26, it had 1,183 customers in India and other countries.
Fee payments processed through its platforms in FY26 totalled ₹3,179.5 Cr, up from ₹1,540.6 Cr two years earlier.
It facilitated 1.86 billion personalised communications and centralised 148.76 million student enquiries.
The company was founded in 2017 and evolved from NoPaperForms (2017) to Meritto (2018–2021), Collexo (2022), and Mio AI (2025).