IPO · Enterprise Software & IT

NoPaperForms files updated DRHP for ₹375 crore IPO

By Startup Enthusiast · 5 September 2026

What they do

NoPaperForms is India's largest vertical SaaS platform for student enrollment and fee payments in education

It filed an updated DRHP with SEBI for an IPO with a fresh issue of up to ₹375 crore and an OFS of 3.84 crore shares by Startup Investments (Holding)

The company turned profitable with a sixfold profit jump to ₹11.9 crore in FY26, and revenue grew 25% to ₹115.6 crore

NoPaperForms filed an updated draft red herring prospectus (DRHP) with SEBI on 4 September 2026 for its initial public offering (IPO).
The IPO includes a fresh issue of equity shares worth up to ₹375 crore.
The offer for sale (OFS) comprises 38.42 million equity shares (3.84 crore shares) by Startup Investments (Holding), a wholly-owned subsidiary of Info Edge.
Info Edge held 47.93% of the pre-offer paid-up equity capital at the time of filing.
Info Edge's weighted average cost of acquisition is ₹3.26 per equity share.
Promoter Naveen Goyal, who owns 30.19% stake, is not participating in the OFS.
The company had filed preliminary IPO papers in November 2025, which were approved in March 2026.
A pre-IPO placement of up to ₹75 crore is being considered; if done, the amount will be deducted from the fresh issue.

NoPaperForms was acquired by Careers360 in 2015 and then sold to then-CSO Naveen Goyal in 2017.
The company turned profitable in FY26 with a sixfold jump in profit to ₹11.9 crore from ₹1.9 crore in FY25.
Revenue from operations grew 25% to ₹115.6 crore in FY26, with 96% coming from India.
The company faces potential compliance risks under the Digital Personal Data Protection (DPDP) Act, with fines up to ₹250 crore for inadequate security safeguards.

NoPaperForms is India's largest vertical SaaS platform for education in the student enrollment and payments segment by revenue and scale in FY25.
Its flagship product Meritto is an AI-powered operating system for student enrollments.
Its flagship product Collexo is an operating system for fee collections and payments.
It offers a co-branded prepaid payment instrument Pixi — an all-in-one card for campus ID, access, payments and transit.
Its agentic AI platform Mio AI enables educational organisations to deploy AI agents across student-facing and institutional workflows.
Mio AI Guide is an AI conversational agent for queries from prospective and existing students on institution websites and portals.
Mio AI Voice, a voice-based agent handling student enquiries, launched in December 2025 and handled over 13 million calls in Q1 FY27.
Mio AI Coach assists counsellors and sales teams with information, priorities and next-best actions.
The company serves universities & colleges, Pre-K & K-12 schools, coaching & test prep, EdTech providers, education consultants, entrance examinations, and education groups.

₹96 crore from the fresh issue will be used for customer acquisition and retention.
₹148 crore will be used for technology development and cloud infrastructure.
Up to 35% of gross IPO proceeds will be used for corporate purposes and inorganic growth via unidentified acquisitions.

Startup Investments (Holding) (seller) — Wholly-owned subsidiary of Info Edge, the only shareholder selling in the OFS.
Info Edge (existing investor) — Held 47.93% pre-offer paid-up equity capital at DRHP filing; weighted average cost of acquisition is ₹3.26 per share.
Trifecta Capital (backer)