NoPaperForms Gets SEBI Nod for ₹600 Cr IPO

NoPaperForms, the parent entity of enterprise SaaS startup Meritto, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).

The regulator issued its observation letter on Wednesday, March 25, enabling the company to advance its public issue plans in the coming months. The company confidentially filed its draft red herring prospectus (DRHP) in November 2025. The IPO is expected to consist of a fresh issue of shares and an offer for sale (OFS).

Investor Info Edge will partially divest its stake through the OFS, potentially reducing its shareholding to below 25% post-listing. Meritto aims to raise between ₹500 Cr and ₹600 Cr, targeting a valuation of approximately ₹2,000 Cr. IIFL Capital Services and SBI Capital Markets have been appointed as the bankers for the issue.

Meritto’s IPO plans are supported by improved financial performance. In FY25, the company reported a net profit of about ₹1.9 Cr, a significant increase from ₹4 Lakh in FY24. Operating revenue for the fiscal year rose 31% year-over-year to ₹92.3 Cr, with total income reaching approximately ₹95.8 Cr.

Founded in 2017 by Naveen Goyal and Suraj Sapra, Meritto provides SaaS-based enrolment automation and CRM tools for educational institutions. Its primary product assists institutions in managing student recruitment, admissions, and fee collection. The company also operates Collexo, a payments product offering automated fee collection and EMI options for students.

Meritto claims to serve over 1,200 institutions, including Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies, and PhysicsWallah. The company has expanded its operations to international markets, including the UAE and Malaysia.

Info Edge initially invested $400K in Meritto’s seed round and later contributed $3.2 Mn in its Series A round in 2018. The IPO will provide Info Edge with an opportunity to partially exit its long-held stake.