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Education-focused technology infrastructure and payments solutions provider NoPaperForms Solutions Ltd. has taken another step toward its proposed IPO. The company has filed an updated Draft Red Herring Prospectus (DRHP) with market regulator SEBI. Under the proposed IPO, NoPaperForms plans to raise up to ₹375 crore through a fresh issue. The IPO will also include an Offer for Sale (OFS) by an existing investor.
According to the updated DRHP, investor shareholder Startup Investments (Holding) Ltd. may sell up to 3.84 crore equity shares through the OFS. The entity is associated with Info Edge (India). As of September 4, 2026, when the updated DRHP was filed, Startup Investments (Holding) held a 47.93% stake in NoPaperForms.
NoPaperForms Provides Digital Solutions to the Education Sector
Headquartered in Gurugram, NoPaperForms provides technology solutions to educational institutions for student acquisition, admissions, fee management, payments and student engagement. The company claims to be India’s largest platform focused on student enrolment and payments.
The company’s key products include Meritto, Collexo, Pixi and Mio AI. Meritto helps educational institutions manage student acquisition and admissions, while Collexo provides solutions for fee collection and payments. Through Pixi and Mio AI, the company also offers AI-based solutions for students and educational institutions.
NoPaperForms had initially filed its DRHP through the confidential route in November 2025. SEBI subsequently approved the IPO draft in March 2026. The updated DRHP now provides further details on the proposed IPO, utilisation of proceeds and the company’s business operations.
₹375 Crore Fresh Issue to Support Business Expansion
NoPaperForms plans to use the proceeds from the fresh issue primarily to expand its business. According to the company, around ₹96 crore will be used for customer acquisition and retention.
Another ₹148 crore is planned to be invested in technology development and cloud infrastructure. The remaining proceeds will be used for general corporate purposes. The company may also use the funds for potential acquisitions to support its business expansion.
However, no specific acquisition target has been identified so far. NoPaperForms is also considering raising up to ₹75 crore through a pre-IPO placement. If completed, the amount raised through the placement will be deducted from the ₹375 crore fresh issue.
Meritto and Collexo Strengthen Digital Services for Educational Institutions
Founded in February 2017, NoPaperForms focuses on simplifying student acquisition and the admissions process for educational institutions. Through Meritto, institutions can manage activities related to student recruitment and admissions. Collexo, meanwhile, provides solutions for fee collection and payments.
Mio AI Platform offers AI-based solutions for educational institutions. The company’s technology platform supports several processes, from student acquisition and admissions to fee management, helping institutions digitise their operations.
In terms of financial performance, NoPaperForms reported strong growth in both revenue and profit during FY25-26. The company’s operating revenue increased from ₹92.3 crore in FY24-25 to ₹115.6 crore in FY25-26, marking a year-on-year growth of 25.2%. During the same period, its net profit increased from ₹1.88 crore to ₹11.9 crore.
NoPaperForms Reports Strong Financial Performance, Serves 1,183 Customers in FY26
During FY25-26, NoPaperForms served a total of 1,183 customers, including 104 customers from international markets. India accounted for around 91.2% of the company’s total revenue, while international operations contributed approximately 8.8%.
The company’s average revenue per customer also increased from ₹9.2 lakh in FY24-25 to ₹9.8 lakh in FY25-26, indicating growth in both its customer base and revenue generated per customer.
The company maintained its growth momentum at the beginning of FY26-27. For the quarter ended June 2026, NoPaperForms reported operating revenue of around ₹44.8 crore and net profit of approximately ₹6 crore.
Naveen Goyal is among the company’s promoters. IIFL Capital Services and SBI Capital Markets have been appointed as merchant bankers for the IPO. However, key details such as the IPO opening date, price band and minimum lot size for retail investors have not yet been disclosed.
