NoPaperForms, the parent company of Meritto, has taken a significant step towards going public by converting into a public entity. The company’s board has approved a resolution to change its status from a private limited company to a public limited company, renaming it from “NoPaperForms Solutions Private Limited” to “NoPaperForms Solutions Limited”. This move is a precursor to the company’s planned Initial Public Offering (IPO), which is expected to be filed by the end of 2025.
NoPaperForms, a SaaS company based in Gurugram, has reportedly roped in IIFL Capital and SBI Capital as its investment bankers to manage the IPO process. The company is expected to raise Rs 500-600 crore through the IPO, which would value the company at around Rs 2,000 crore ($235 million). Founded in 2017 by Naveen Goyal, NoPaperForms offers a range of services to educational institutions through its two flagship products, Meritto and Collexo.
Meritto is a platform that helps educational institutions manage student recruitment, leads, applications, communication, and analytics in one place, while Collexo is a payment and fee management system that enables institutions to collect fees, offer flexible payment plans, and track finances in real-time. The company has seen significant growth in recent years, turning profitable in the fiscal year ended March 2024 with a net profit of Rs 4 lakh, compared to a loss of Rs 15.6 crore in the previous year.
Info Edge, a major investor in NoPaperForms, currently holds a 47.9% stake in the company, followed by founder Naveen Goyal, who owns 30.17%. The company’s conversion to a public entity is a significant milestone, and it will soon join the growing list of Indian startups that have gone public, including Amagi, Milky Mist, PhonePe, Pine Labs, Razorpay, and Meesho. With its planned IPO, NoPaperForms is poised to take its growth to the next level and expand its presence in the education technology sector.