Meritto Parent NoPaperForms Gets SEBI Nod For IPO

Enterprise SaaS startup Meritto’s parent entity NoPaperForms’ received approval from the Securities and Exchange Board of India to go ahead with its initial public offering (IPO).

The regulator issued Meritto its observation letter on Wednesday (March 25), allowing the company to move ahead with its public issue in the coming months.

Important to highlight that the company filed its draft red herring prospectus (DRHP) with the regulator via the confidential route in November 2025. The IPO is expected to include a mix of fresh issue of shares and an offer for sale (OFS).

As reported earlier, investor Info Edge will sell part of its stake via the OFS. Its shareholding is likely to fall below 25% after the listing. Meritto is looking to raise around ₹500 Cr to ₹600 Cr at a valuation of about ₹2,000 Cr. It has appointed IIFL Capital Services and SBI Capital Markets as the bankers for the issue.

Meritto’s IPO comes amid a notable improvement in the company’s financial performance. In the financial year FY25, Meritto reported a net profit of about ₹1.9 Cr, a multi-fold jump from ₹4 Lakh in FY24, which was its maiden profitable year.

Operating revenue for the fiscal year rose 31% YoY  to ₹92.3 Cr, while total income stood at around ₹95.8 Cr. 

Founded in 2017 by Naveen Goyal and Suraj Sapra, Meritto offers SaaS-based enrolment automation and CRM tools for educational institutions.

Its main product helps institutions manage student recruitment, admissions and fee collection. It also runs a payments product, Collexo, which offers tools such as automated fee collection and EMI options for students.

The company claims to serve over 1,200 institutions, including Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies and PhysicsWallah. It has also expanded to international markets such as the UAE and Malaysia.

Info Edge first backed the startup with a $400K seed investment and later invested $3.2 Mn in its Series A round in 2018. The IPO will offer the investor a chance to partially exit its long-held stake.

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