Gurugram-based NoPaperForms converts into public company as it prepares for IPO

Gurugram-based SaaS startup NoPaperForms, better known in the education sector by its flagship brand Meritto, has transitioned into a public company, laying the groundwork for a public listing expected by the end of 2025. 

According to recent filings with the Registrar of Companies, the company’s board approved a resolution on May 22 to drop “Private” from its corporate identity. Shareholders approved the change in an extraordinary general meeting held on May 26, enabling NoPaperForms Solutions Private Limited to become NoPaperForms Solutions Limited.

The conversion is a key regulatory step for companies intending to go public in India. It comes amid reports that the startup is preparing to raise Rs 500-600 crore (approximately $60-70 million) through its initial public offering at an estimated valuation of Rs 2,000 crore ($234 million). 

According to Moneycontrol, the IPO will be managed by investment banks IIFL Capital and SBI Capital. 

Founded in 2017 by Naveen Goyal (CEO) and Suraj Sapra (CSO), NoPaperForms began as a software provider for educational institutions and has since grown into a vertical SaaS platform embedded with digital payment solutions.

Its core offering, Meritto, enables schools, colleges, and edtech companies to manage the entire student lifecycle—from lead generation and applications to admissions and analytics—via a unified dashboard. 

In addition to Meritto, the startup also operates “Collexo,” a fee management system that facilitates payment collection, financial tracking, and flexible installment plans for educational institutions. 

The startup’s financials reflect a sharp turnaround. According to filings reviewed by business intelligence platform Tofler, NoPaperForms posted a standalone profit of Rs 4 lakh in FY24, compared with a loss of Rs 15.6 crore in FY23. Revenue jumped 45% year-over-year to Rs 70 crore, up from Rs 48.2 crore in the previous fiscal.

NoPaperForms is backed by Info Edge, one of India’s largest internet investment holding firms, which currently holds a 47.9% stake in the company. Founder Naveen Goyal retains 30.17%.