NoPaperForms, the parent company of the enterprise SaaS startup Meritto, has received the green light from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).
On March 25, the regulator issued an observation letter, paving the way for the company to proceed with its public offering in the near future.
Key details include:
- The company submitted its draft red herring prospectus (DRHP) through a confidential route in November 2025.
- The IPO will feature both a fresh issue of shares and an offer for sale (OFS).
- Investor Info Edge plans to reduce its stake below 25% through the OFS.
- Meritto aims to raise between ₹500 crore and ₹600 crore, targeting a valuation of approximately ₹2,000 crore.
- IIFL Capital Services and SBI Capital Markets have been appointed as the bankers for the IPO.
Meritto's IPO is timely, coinciding with a significant uptick in its financial performance. For FY25, the company reported a net profit of ₹1.9 crore, a substantial increase from ₹4 lakh in FY24, marking its first profitable year.
The fiscal year also saw a 31% year-on-year rise in operating revenue, reaching ₹92.3 crore, with total income around ₹95.8 crore.
Founded in 2017 by Naveen Goyal and Suraj Sapra, Meritto specializes in SaaS-based enrollment automation and CRM solutions for educational institutions. Its flagship product aids in managing student recruitment, admissions, and fee collection.
Additionally, Meritto offers Collexo, a payments product that facilitates automated fee collection and provides EMI options for students. The company serves over 1,200 institutions, including notable names like Manipal University and Shiv Nadar University, and has expanded its reach to international markets such as the UAE and Malaysia.
Info Edge initially invested $400,000 in seed funding and later contributed $3.2 million during Meritto's Series A round in 2018. The upcoming IPO presents an opportunity for Info Edge to partially divest from its long-held stake.
