Meritto Parent NoPaperForms Files Updated DRHP For ₹375 Cr+ IPO

SaaS startup Meritto’s parent NoPaperForms has filed its updated draft red herring prospectus (UDRHP) with Securities and Exchange Board of India (SEBI) for its initial public issue (IPO).

The startup’s proposed public offering will comprise a fresh issue of shares worth ₹375 Cr and an offer for sale (OFS) component of up to 3.8 Cr equity shares. 

As reported earlier, only investor Info Edge will participate in the OFS. As per the UDRHP, the venture capital giant, via Startup Investments (Holding) Ltd, will offload 3.8 Cr shares.

Around ₹148 Cr of the fresh proceeds will be utilised to bolster its tech stack and cloud infrastructure, while ₹96 Cr will be deployed for customer acquisition and retention. A chunk of the capital will also be used for general corporate purposes and fueling inorganic growth via acquisitions.

This nearly a year after the enterprise tech startup first filed its DRHP with the market regulator via the confidential route in November 2025. It then received SEBI’s nod to float its IPO in March this year.

Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms offers two products: Meritto and Collexo. The former offers SaaS-based enrolment automation and CRM tools for educational institutions, helping them manage student recruitment, admissions and fee collection. 

Under Collexo, it offers fee-collection and payments-related solutions for educational institutions. Its Pixi brand, under Collexo, also sells co-branded cards to students. The startup also enables educational organisations to deploy AI agents across student-facing and institutional workflows with its Mio AI suite. 

The startup claimed to have catered to 1,183 customers in the fiscal year ended March 2026, including 104 overseas clients. India accounted for 91.2% of its total revenue in FY26, while international operations contributed the remaining 8.8%. 

NoPaperForms processed invoices worth ₹124.6 Cr in FY26 and ₹39.9 Cr in Q1 FY27. Meanwhile, average revenue per customer improved to ₹9.8 Lakhs in the fiscal year ended March 2026 as against ₹9.2 Lakh in FY25. 

On the financial front, NoPaperForms reported an operating revenue of ₹115.6 Cr in FY26, up 25.2% from ₹92.3 Cr in the year ago fiscal. Meanwhile, the startup’s profits surged 534% to ₹11.9 Cr in the fiscal under review as against ₹1.9 Cr in FY25.

The startup also posted an operating revenue of ₹44.8 Cr in Q1 FY27 against a net profit of ₹6 Cr in the quarter under review.

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