NoPaperForms Moves Closer to IPO as FY26 Profit Jumps 534%

NoPaperForms, the parent company behind education SaaS platform Meritto, has filed its

updated draft red herring prospectus with SEBI, moving another step closer to its public market

debut. The proposed IPO includes a fresh issue worth ₹375 crore along with an offer for sale of

up to 3.8 crore equity shares.

Info Edge will be the only shareholder participating in the OFS through its subsidiary Startup

Investments (Holding) Ltd. NoPaperForms plans to deploy about ₹148 crore from the fresh

issue toward technology development and cloud infrastructure, while another ₹96 crore will go

toward customer acquisition and retention. The remaining capital will support general corporate

purposes and potential acquisitions.

Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms operates across education

software, payments and AI. Its flagship Meritto platform handles student recruitment and

enrolment workflows, Collexo manages fee collections and payments, while Mio AI brings

agentic AI capabilities into institutional and student-facing processes.

The company served 1,183 customers in FY26, including 104 international clients. India

contributed 91.2% of revenue, while average revenue per customer increased to ₹9.8 lakh from

₹9.2 lakh in the previous year. NoPaperForms also reported operating revenue of ₹115.6 crore

in FY26, up 25.2% year-on-year.

Profitability has improved even faster. Net profit surged 534% to ₹11.9 crore from ₹1.9 crore in

FY25, while adjusted EBITDA more than doubled to ₹12.9 crore. The momentum continued into

Q1 FY27, with operating revenue of ₹44.8 crore and net profit of ₹6 crore. With revenue growing

and margins improving, NoPaperForms is approaching the IPO market as a profitable vertical

SaaS company rather than a growth-at-all-costs edtech business.