NoPaperForms, the parent company of SaaS startup Meritto, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹375 crore. The IPO will include a fresh issue of shares worth ₹375 crore and an offer for sale (OFS) of up to 3.8 crore equity shares, with investor Info Edge participating in the OFS, according to inc42.com.
The company first filed its draft red herring prospectus (DRHP) confidentially in November 2025 and received SEBI’s approval to float the IPO in March 2026. NoPaperForms plans to use around ₹148 crore of the fresh proceeds to enhance its technology stack and cloud infrastructure, while ₹96 crore will be allocated for customer acquisition and retention. The remaining funds will support general corporate purposes and inorganic growth through acquisitions, inc42.com reported.
Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms offers two main products: Meritto, a SaaS-based enrolment automation and CRM platform for educational institutions, and Collexo, which provides fee collection and payment solutions. The Pixi brand under Collexo also offers co-branded cards to students. The IPO comes nearly a year after the startup’s initial confidential filing and reflects growing investor interest in enterprise tech focused on the education sector, according to inc42.com.
Info Edge, a major investor in NoPaperForms, will offload 3.8 crore shares through the offer for sale component of the IPO. The company’s next regulatory milestone will be the final approval and pricing of the IPO, which will determine investor participation and market reception, inc42.com noted.