NoPaperForms Files Updated IPO Papers, Discloses Shareholding
Education-focused SaaS platform NoPaperForms has submitted updated draft IPO documents. The company is seeking a public listing and has detailed its shareholding pattern, including key investors and executives.
NoPaperForms, a SaaS platform catering to the education sector, has filed updated draft red herring prospectus (DRHP) documents with India's market regulator, SEBI. The company is pursuing a public offering that includes a fresh issue of shares valued at up to ₹375 crore and an offer for sale (OFS) of up to 3.8 crore equity shares.
Info Edge, a significant investor, is slated to be the sole participant in the OFS through its holding arm, Startup Investments (Holding) Ltd. Info Edge currently holds a 47.93% stake in NoPaperForms on a fully diluted basis, having initially invested in 2017 and increasing its stake during a Series B funding round in 2018.
Naveen Goyal, co-founder, managing director, and CEO, holds a 30.19% stake. Fellow co-founder and chief strategy officer Suraj Sapra owns 0.22%. The remaining 17.6% is held by an employee stock option plan trust.
The company offers two primary software products: Meritto, a SaaS-based CRM and enrollment automation tool for educational institutions, and Collexo, which provides fee collection and payment solutions. In FY26, NoPaperForms reported operating revenue of ₹115.7 crore and a net profit of ₹11.9 crore, marking a substantial increase from the previous fiscal year.
NoPaperForms initially filed its DRHP in November 2025 and received approval for the public listing in March. The company is positioning itself for the IPO on the back of strong financial performance and its established product suite.