Info Edge-Backed NoPaperForms Sets The IPO Ball Rolling, Appoints Bankers

Update | March 5, 6:50 PM

NoPaperForms-backer Info Edge said that the startup’s board has approved the proposal to go for an initial public offering.

Info Edge holds 48% stake in NoPaperForms via its wholly owned subsidiary Startup Investments (Holding) Ltd (SIHL), it said in an exchange filing.

“At this stage, the board of directors of the company and/or SIHL has neither considered nor decided if it will participate in offer for sale in proposed IPO,” the filing added.

As per the regulatory filing accessed by Tofler, the company became profitable in the financial year ended in March 2024 (FY24) with a standalone net profit of INR 4 Lakh, against the loss of INR 15Cr in the previous fiscal year. Meanwhile, its revenue from operation surges 45.4% to INR 70.03 Cr in the year under review from INR 48.18 Cr in FY23.

Original Story | March 5, 2:22 PM

SaaS-based enrolment automation solution platform NoPaperForms, which operates under the brand Meritto, has appointed two investment bankers for its upcoming initial public offering (IPO).

The Naveen Goyal-led startup has appointed IIFL Capital and SBI Capital for its IPO, which is expected to be around INR 500 Cr to INR 600 Cr, Moneycontrol reported, citing sources familiar with the matter.

The Gurugram-based company plans to make its stock market debut by the end of this year. The report said the company may file draft IPO papers in the next couple of quarters and is seeking a valuation of INR 2,000 Cr.

Inc42 has reached out to NoPaperForms for comments on the development. The story will be updated based on the response.

However, the company’s existing backer Info Edge is unlikely to sell its stake in it amid the IPO preparations.

Initially, Info Edge pumped $400K in the startup’s seed funding round and later in 2018, it injected $3.2 Mn into the company as part of its Series A funding round.

Founded by Goyal and Suraj Sapra in 2017, NoPaperForms helps businesses in the edtech sector to streamline their operations around student enrollment and fee collection process. The company offers two major products — Meritto and Collexo.

Under Meritto, organisations can avail solutions around the process of student recruitment and enrollment. This product arm offers several services including enrollment cloud, education CRM, managing application and post application process including group discussions and personal interview, fee collection and live chat platform.

On the other hand, Collexo offers payment and financial solutions for the education sector. It offers services including automated fee collection, EMI options for the students, auto-debit fee on due dates and more.

NoPaperForms claims to be serving more than 1200 educational institutions including Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies and PhysicsWallah among others.

Notably, the company also expanded its services in UAE and Malaysia last year.

India’s edtech sector has seen rough patches in recent years. BYJU’s being the prominent example of the education sector being dominated by the offline institutions and startups struggling to survive.

On the other hand, PhysicsWallah is bringing silver lining to the edtech industry as it eyes its IPO by the end of 2025. In December last year, the edtech major turned into a public company as it prepares for its $400-$500 Mn IPO. Besides, the company has also finalised investment bankers to helm its public listing.

As per Inc42’s report, the Indian edtech segment is anticipated to reach $29 Bn by 2030.