NoPaperForms files updated IPO papers to raise ₹375 crore
Indian SaaS company NoPaperForms has filed an updated draft red herring prospectus (DRHP) with the SEBI. The company aims to raise ₹375 crore through a fresh issue of equity shares.
NoPaperForms Solutions, a software-as-a-service (SaaS) provider for the education industry, has submitted an updated draft red herring prospectus (DRHP) to India's Securities and Exchange Board of India (SEBI). The company intends to raise ₹375 crore (approximately $45 million USD) through a fresh issue of equity shares to fund its expansion plans.
The initial public offering (IPO) also includes an offer for sale (OFS), through which Startup Investments (Holding), a subsidiary of Info Edge, will divest a portion of its stake. Info Edge, a significant investor and parent company of job portal Naukri, held a 47.93% stake in NoPaperForms prior to the filing.
NoPaperForms provides software solutions for the education sector, focusing on student enrollment and payment processing. Its primary products are Meritto, an AI-powered operating system for student admissions, and Collexo, a system for managing fee collections. The company is also developing AI platforms, such as Mio AI, aimed at automating and enhancing student engagement and institutional workflows.
The company has reported strong financial performance, with revenues growing 25% to ₹115.6 crore in the fiscal year ending March 2026, and profits increasing sixfold to ₹11.9 crore. Funds raised from the IPO are earmarked for customer acquisition, technology development, and potential inorganic growth through acquisitions.
NoPaperForms has also identified India's upcoming Digital Personal Data Protection (DPDP) law as a potential business risk, which may introduce additional compliance obligations related to data processing and security in the future.