NoPaperForms files updated DRHP for up to ₹375 Cr IPO, Info Edge to participate in OFS
- NoPaperForms Solutions Pvt. Ltd.Company
Info EdgeInvestor
Education‑focused SaaS platform NoPaperForms filed an updated draft red‑herring prospectus for a ₹375 Cr (US$45.2M) IPO, with Info Edge participating as the sole offer‑for‑sale investor, marking the next funding milestone for the Meritto‑parent.
Education‑focused SaaS platform NoPaperForms filed an updated draft red‑herring prospectus (DRHP) on Sept. 7, 2026 for a public issue of fresh equity worth up to ₹375 Cr (US$45.2M) and an offer‑for‑sale (OFS) component of up to 3.8 Cr shares. Info Edge will be the only OFS participant, acting through its holding arm Startup Investments (Holding) Ltd, which already holds a 47.93% stake on a fully‑diluted basis.
Deal Terms
The fresh issue will dilute existing shareholders while the OFS will allow Info Edge to monetize a portion of its nearly 48% holding. NoPaperForms’ shareholding pattern shows founder‑CEO Naveen Goyal retaining 30.19%, co‑founder Suraj Sapra holding 0.22%, and an employee stock option trust owning 17.6% of the company. The filing follows a confidential pre‑filing in Nov. 2025 and SEBI’s approval of the listing in March 2026.
Business Overview
NoPaperForms operates two core products: Meritto, a SaaS‑based enrollment automation and CRM suite for schools and colleges, and Collexo, which provides fee‑collection and payment solutions, including the Pixi co‑branded student card. The firm also offers Mio AI, an artificial‑intelligence layer that can be deployed across student‑facing and institutional workflows. In FY26 the platform served 1,183 educational institutions, centralized 148.76 million student enquiries and processed ₹3,179.85 Cr in education fees.
Financially, the company posted a net profit of ₹11.9 Cr in FY26, a 6.3‑fold jump from the prior year, while operating revenue rose 25% to ₹115.7 Cr. The first quarter of FY27 (Q1 FY26‑27) showed continued momentum with revenue of ₹44.8 Cr and a net profit of ₹6 Cr.
The IPO proceeds are expected to fund product development—particularly AI‑driven features—expand the sales footprint across Tier‑2 and Tier‑3 cities, and deepen integrations with payment partners. The transaction also provides a liquidity event for early investors, notably Info Edge, which has been a backer since 2017 and led a ₹28 Cr Series B round in 2018.
Why It Matters
The capital raise gives NoPaperForms a runway to accelerate its AI roadmap and broaden its go‑to‑market in a crowded Indian ed‑tech SaaS space. With fresh funding, the company can invest in sales headcount, deepen integrations with payment gateways, and pursue strategic acquisitions that enhance its enrollment automation suite, potentially widening its net‑revenue retention.
For Info Edge, the OFS participation consolidates its position as a strategic shareholder in a high‑growth vertical SaaS play. The liquidity event may also set a benchmark for other venture‑backed education SaaS firms seeking public market exits, intensifying competition among peers such as AdmitKard and Unacademy’s B2B offerings.
Key Points
- NoPaperForms announced a fresh equity issue of up to ₹375 Cr (US$45.2M) and an OFS of up to 3.8 Cr shares.
- Info Edge, via Startup Investments (Holding) Ltd, will be the sole OFS participant, holding 47.93% on a fully‑diluted basis.
- FY26 net profit surged 6.3× to ₹11.9 Cr, while revenue grew 25% to ₹115.7 Cr.
- The platform serves 1,183 education institutions, handling 148.76 Mn student enquiries and processing ₹3,179.85 Cr in fees.
- Founder‑CEO Naveen Goyal retains a 30.19% stake; the employee stock option trust holds 17.6%.
Analysis
At a roughly 3.2x FY26 revenue multiple, NoPaperForms’ IPO underscores the appetite for niche, AI‑enabled SaaS businesses in India’s education sector. The valuation reflects both strong top‑line growth and a profit surge that is rare among early‑stage SaaS firms, suggesting investors are rewarding scalable unit economics alongside product differentiation. The deal adds to a growing pipeline of Indian SaaS listings, signaling that public markets are increasingly comfortable pricing companies with sub‑$100M ARR profiles, especially when they can demonstrate high net‑revenue retention and AI‑driven expansion potential. For operators, the capital infusion offers a playbook: leverage AI to deepen product stickiness, pursue vertical expansion, and use the public market as a branding lever to win larger institutional contracts. For investors, the transaction highlights the premium placed on education‑focused vertical SaaS that can monetize fee‑collection and enrollment workflows, a segment likely to see heightened M&A activity as larger platforms look to bolt on specialized capabilities.