NoPaperForms, a promising SaaS startup from Gurugram, has taken a significant step toward going public by converting from a private to a public company. This move sets the stage for its much-anticipated Initial Public Offering (IPO), expected to take place by the end of 2025.
Transition to Public Company: A Strategic Move
On May 22, 2025, NoPaperForms’ board approved a resolution to remove “Private” from its name, officially changing from NoPaperForms Solutions Private Limited to NoPaperForms Solutions Limited. This change was ratified by shareholders in an extraordinary general meeting held on May 26, 2025. Such a conversion is a mandatory regulatory step for Indian companies planning to list on stock exchanges.
IPO Plans and Valuation
The startup aims to raise between Rs 500-600 crore (approximately $60-70 million) through its IPO, with an estimated valuation of around Rs 2,000 crore ($234 million). The IPO process will be managed by reputed investment banks IIFL Capital and SBI Capital.
About NoPaperForms and Its Flagship Product Meritto
Founded in 2017 by Naveen Goyal (CEO) and Suraj Sapra (CSO), NoPaperForms initially provided software solutions to educational institutions. Over time, it has evolved into a vertical SaaS platform with embedded digital payment solutions, primarily serving the education sector.
The company’s flagship product, Meritto, is an all-in-one platform that helps schools, colleges, and edtech companies manage the entire student lifecycle—from lead generation and application processing to admissions and analytics—all through a unified dashboard. Meritto supports over 1,200 educational organizations globally and handles millions of student engagements and applications annually.
Complementary Product: Collexo
In addition to Meritto, NoPaperForms offers Collexo, a fee management system designed to simplify fee collection, financial tracking, and flexible installment plans for educational institutions. Collexo automates fee reminders, supports multiple payment modes, and provides real-time financial dashboards, making fee management seamless and transparent.
Financial Turnaround and Growth
NoPaperForms has demonstrated a remarkable financial turnaround. For the fiscal year 2024, the company posted a standalone profit of Rs 4 lakh, a significant improvement from a loss of Rs 15.6 crore in FY23. Revenue surged by 45% year-over-year, reaching Rs 70 crore compared to Rs 48.2 crore the previous year.
Strong Backing and Leadership
The startup is backed by Info Edge, one of India’s largest internet investment firms, which holds a 47.9% stake. Founder Naveen Goyal retains a 30.17% ownership. The company’s leadership and investors are optimistic about its growth trajectory and IPO prospects.
What This Means for Indian EdTech and SaaS Ecosystem
NoPaperForms’ move to go public reflects the growing maturity of India’s edtech and SaaS sectors. By providing integrated solutions that digitize and streamline educational administration and payments, NoPaperForms is well-positioned to capitalize on the increasing adoption of technology in education.
The IPO will also add to the list of Indian startups successfully transitioning to public companies, joining peers like PhonePe, Pine Labs, Razorpay, and Meesho.
In summary, Gurugram-based NoPaperForms is gearing up for a landmark IPO by converting into a public company and leveraging its flagship platform Meritto and payment solution Collexo to drive growth. With strong financials, strategic backing, and a clear vision, the startup is set to make a significant impact on India’s education technology landscape by the end of 2025.