IPO-Bound Meritto’s FY25 Profits Rises To INR 2 Cr

Info Edge Ventures-backed Meritto (formerly Nopaperforms) has posted a net profit of INR 1.9 Cr in the fiscal year 2024-25 (FY25), marking a jump of about 50X from INR 4 Lakh PAT posted in FY24. Important to mention that FY24 was the maiden profitable fiscal for the SaaS startup. 

Meritto’s profitability in the fiscal surged on the back of a decent uptick in its top line and an improvement in margins. For FY25, its operating revenue rose 31% to INR 92.3 Cr in FY25 from INR 70.4 Cr in FY24. Including an other income of INR 3.5 Cr, Meritto’s total income stood at INR 95.8 Cr, up 30% from INR 73.6 Cr in the previous year.

Meanwhile, Meritto’s total expenses also increased to INR 94.2 Cr in FY25, up 28% from INR 73.6 Cr in FY24. 

The growth in expenses was largely driven by employee benefit expenses, which climbed 27% to INR 56.8 Cr from INR 44.8 Cr, and infrastructure and engagement tool costs, which rose 38% to INR 21.9 Cr from INR 15.9 Cr last year.

The company has managed to strengthen its bottom line in the run up to going public. As per sources, Meritto is expected to file its draft IPO papers by the end of October or early November, with plans to hit the public market by the end of 2025.

It is expected to raise between INR 500 Cr to INR 600 Cr ($60-70 Mn) and value the startup at around INR 2,000 Cr ($234 Mn). It has appointed IIFL Capital and SBI Capital as  the investment bankers for its IPO. 

The education-focussed SaaS company’s largest investor Info Edge, which holds a 48% stake in the company, is unlikely to offload shares in the offering.

Founded in 2017 by Naveen Goyal and Suraj Sapra, Meritto offers SaaS-based enrolment automation and CRM solutions for educational institutions. 

Its core SaaS product, Meritto, helps organisations manage student recruitment, admissions, and fee collection, while its second product, Collexo, provides payment and financial tools such as automated fee collection and EMI options for learners.

The company claims to serve more than 1,200 educational institutions, including Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies, and PhysicsWallah. Meritto also expanded its footprint to the UAE and Malaysia last year as part of its international growth push.

Info Edge first invested $400K in Meritto’s seed round and later infused $3.2 Mn in its Series A in 2018.