Info Edge-Backed NoPaperForms Appoints Bankers and Starts the IPO Process

For its impending initial public offering (IPO), NoPaperForms has hired two investment bankers. The company offers SaaS-based enrolment automation solutions under the Meritto name, has hired two investment bankers. According to a media report, which cited people familiar with the situation, the Naveen Goyal-led business has chosen IIFL Capital and SBI Capital for its initial public offering (IPO), which is anticipated to cost between INR 500 Cr and INR 600 Cr. By the end of this year, the Gurugram-based business intends to launch on the stock market. According to the report, the company is looking for a valuation of INR 2,000 Cr and may submit draft IPO papers in the upcoming months. In the midst of the IPO preparations, Info Edge, the company's current investor, is unlikely to sell its shares in the business.

How NoPaperForms Operate?

NoPaperForms was established in 2017 by Goyal and Suraj Sapra to assist edtech companies in streamlining their student enrolment and money-collecting processes. Meritto and Collexo are the company's two main products. Organisations can access solutions related to the recruitment and enrolment of students under Meritto. Enrolment cloud, education CRM, application and post-application process management, including group discussions and in-person interviews, fee collecting, and a live chat platform are just a few of the services provided by this product arm. Conversely, Collexo provides finance and payment solutions for the education industry. Among the services it provides are automated fee collection, student EMI options, automatic fee deduction on due dates, and more.

More than 1200 academic institutions, including Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies, and PhysicsWallah, are reportedly served by NoPaperForms. Notably, the business last year extended its offerings in Malaysia and the United Arab Emirates.

Roller-Coaster Ride for India’s Edtech Sector

In recent years, there have been challenges in India's edtech industry. BYJU's is a well-known illustration of how offline institutions dominate the education market and how startups are fighting for survival. A bright spot for the edtech sector, however, is PhysicsWallah, which plans to go public by the end of 2025. The edtech giant transformed into a public company in December of last year in anticipation of its $400–$500 million initial public offering. Additionally, the business has chosen investment bankers to oversee its public offering.

Indian startups Opting For IPO

According to a survey by venture debt firm InnoVen Capital, despite global obstacles, a number of high-quality startup companies are expected to go public in 2025, and the funding environment is also expected to improve this year. Additionally, it stated that 47% of the 100 startup entrepreneurs who took part in the study anticipate hiring to pick up speed this year. According to the India Startup Outlook Report, 63% of people who tried to raise money in 2024 had a positive experience. Seventy-nine percent of founders believe that by 2025, the fundraising climate will improve. According to the report, 73% of startup founders now choose domestic initial public offerings (IPOs) as their preferred exit strategy, up from 64% in 2023. According to the report, 28% of respondents think AI would significantly affect their business models over the next two to three years, mainly in the fintech and enterprise sectors, given the speed at which AI capabilities are developing. Hiring is also anticipated to increase in 2025.