NoPaperForms Solutions Ltd. has filed an updated draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise up to Rs 375 crore via an initial public offering.
The Gurugram-headquartered firm had initially filed its DRHP back in November 2025 through the confidential route. The document received SEBI approval in March of 2026.
In addition to the Rs 375-crore fresh portion, the IPO also comprises of an offer for sale issue of 3.84 crore equity shares by investor Startup Investments (Holding).
The info-edge owned startup had a 47.93% stake in NoPaperForms at the time of filing the updated DRHP on September 4, according to the filing.
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Moreover, the education technology services firm may raise up to Rs 75 crore through a pre-IPO placement, prior to the filing of the red herring prospectus. In case the pre-IPO placement round takes place, the amount raised will be deducted from the fresh issue component.
NoPaperForms Solutions will utilise Rs 96 crore of the net fresh issue proceeds for customer acquisition and retention, while Rs 148 crore will be used for technology development and cloud infrastructure.
The remaining proceeds will be allocated towards general corporate purposes and funding inorganic growth through unidentified acquisitions.
Naveen Goyal is one of the promoters of the company, while IIFL Capital Services and SBI Capital Markets are the merchant bankers to the issue.
About the Company
NoPaperForms was incorporated in February 2017 and claims to be India's largest platform in the student enrolment and payments segment.
It operates through two flagship products, Meritto and Collexo, along with extended offerings such as the student engagement suite Pixi and Mio AI, which cater to various types of educational organisations.
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The AI-powered firm manages student acquisition, enrolment, fee management and student engagement processes through its education platform.
Financials
NoPaperForms posted a six-fold increase in its net profit for the year ended March 2026 to Rs 11.9 crore from Rs 1.88 crore in the previous year.
Revenue for the same period grew 25.2% to Rs 115.6 crore from Rs 92.3 crore. In the latest quarter ended June 2026, the company reported a profit of Rs 6 crore and revenue of Rs 44.7 crore.
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