NoPaperForms DRHP: A Look At Shareholding Pattern & Key Executives

Education-focused SaaS platform Meritto’s parent NoPaperForms filed its updated draft IPO papers with market regulator SEBI for a proposed public issue comprising a fresh issue of shares worth up to ₹375 Cr and an offer for sale (OFS) component of up to 3.8 Cr equity shares. 

Investor Info Edge will be the only one to participate in the OFS via its holding arm Startup Investments (Holding) Ltd, which holds a 47.93% stake in the SaaS startup on a fully-diluted basis.

Info Edge initially invested in NoPaperForms in 2017, acquiring a 27.92% stake. It increased its stake further to almost 48% when it led its ₹28 Cr Series B funding round in 2018. 

Cofounder, managing director and CEO Naveen Goyal owns 30.19% shareholding in the company on a fully-diluted basis. Fellow cofounder and chief strategy officer Suraj Sapra also holds 4.7 Lakh shares or 0.22% in the startup.

The remaining 17.6% stake is owned by NoPaperForms Solutions Employees Stock Option Plan Trust.

Founded in 2017, NoPaperForms offers two software products: Meritto and Collexo. The flagship platform, Meritto, is a SaaS-based enrolment automation and CRM tools for educational institutions, helping them manage student admissions and fee collection. In FY26, the platform served 1,183 customers, centralised 148.76 Mn student enquiries and processed ₹3,179.85 Cr in education fee.

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. 

NoPaperForms filed its draft red herring prospectus (DRHP) with SEBI via the confidential pre-filing route back in November 2025. The markets regulator approved the public listing in March.

On the financial front, NoPaperForms saw its net profit jump 6.3X to ₹11.9 Cr in FY26 from ₹1.9 Cr in the previous fiscal year. Operating revenue rose 25% to ₹115.7 Cr in the year under review, compared to ₹92.3 Cr in FY25. 

The startup reported an operating revenue of ₹44.8 Cr in the first quarter (Q1) of fiscal year 2026-27 (FY27) against a net profit of ₹6 Cr in the quarter under review.

A Break Down Of NoPaperForms’ Leadership Deck

Board of Directors

Naveen Goyal

Goyal is the cofounder, chairman, managing director and CEO of NoPaperForms. Prior to founding the venture, he headed Careers360 as a director and chief strategy officer for almost five years. Previously, he also founded Edukriti Learning Solutions in 2009 and led the business as its chief executive for 18 months.

He was paid a remuneration of ₹58.8 Lakh in FY26.

Suraj Sapra

Sapra is the cofounder, whole time director and chief strategy officer of NoPaperForms. He takes care of strategy, growth, market expansion, customer success and strategic initiatives at the SaaS platform. Prior to this, he was a senior manager at Info Edge for nearly seven years till 2017. 

NoPaperForms paid Sapra a remuneration of ₹47.4 Lakh in FY26.

Naresh Chand Gupta

Gupta, founder and CEO of asset management company AccuraCap, has been an independent director on NoPaperForms’ board since August 2025. Besides NoPaperForms, he is also on the board of data analytics company eClerx Services.

Neha

Clovia cofounder Neha has been an independent director on NoPaperForms’ board since August 2025. Previously, she was associated with FCB ULKA Advertising, Living Media India, and Smile Sales. Additionally, she also serves on the board of companies like BlueStone.

Siddhartha Pahwa

Pahwa is founding partner at private equity (PE) firm Ocimum Partners, and has invested in companies such as Woovly, Beautywise and GluedIn. He joined as an independent director on NoPaperForms’ board in August 2025. 

Priyank Shanker Garg

India Angel Network’s Garg joined as an independent director in August 2025. He is also currently associated with NextVerse Ventures as a member.

Key Managerial Personnel

Sumit Kejariwal

CFO Kejariwal joined the startup in July 2022. With more than two decades of experience under his belt in finance, he was previously associated with Macquarie Global Services, Price Waterhouse Coopers, and Rahul Kapoor and Associates.

NoPaperForms paid Kejariwal a remuneration of ₹34.6 Lakh in FY26, including salary, reimbursements and contribution towards pension plans.

Upasana Srivastava

Srivastava joined NoPaperForms in September 2025 as the company secretary and compliance officer. She is a fellow member of the Institute of Company Secretaries of India. Prior to the IPO-bound startup, she also worked at ixigo, IndiGo and OMC Power and Lanco. In FY26, the remuneration paid to her was ₹ 18.3 Lakh.

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