NoPaperForms Files Updated IPO Prospectus for Over ₹375 Crore Offering

SaaS startup NoPaperForms, the parent company of Meritto, has submitted its updated draft red herring prospectus (UDRHP) to India's Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at over ₹375 crore (approximately $45 million USD).

The proposed public offering includes a fresh issue of shares worth ₹375 crore and an offer for sale (OFS) component of up to 3.8 crore equity shares. Investor Info Edge is set to participate in the OFS, selling 3.8 crore shares.

Proceeds from the IPO are earmarked for strengthening the company's technology stack and cloud infrastructure (₹148 crore) and for customer acquisition and retention (₹96 crore). Additional capital will support general corporate purposes and inorganic growth through acquisitions.

NoPaperForms offers two main products: Meritto, a SaaS-based enrollment automation and CRM tool for educational institutions, and Collexo, which provides fee collection and payment solutions. Its Pixi brand under Collexo offers co-branded cards, and the Mio AI suite enables AI agent deployment in workflows.

The company reported operating revenue of ₹115.6 crore for the fiscal year ending March 2026, a 25.2% increase, and a profit of ₹11.9 crore, a 534% surge year-over-year. NoPaperForms served 1,183 customers in FY26, including 104 international clients.