NoPaperForms Takes the Leap—Transforms into Public Entity Ahead of IPO

Supported by Info Edge, Nopaperforms is now a publicly traded company. The conversion was accepted by the company's board at its May 22 meeting, according to its regulatory records that were accessed by a media outlet.

Later, on May 26, during an extraordinary general meeting, its shareholders approved the removal of the word "private" from its name. As a result, the startup's name has been modified from "NoPaperForms Solutions Private Limited" to "NoPaperForms Solutions Limited."

Companies that want to list on stock exchanges must first make the decision to become a public organisation. Meritto, registered as Nopaperforms, started getting ready to list on the exchanges around two months ago.

It was reported in March that it had chosen SBI Capital and IIFL Capital to lead its first public offering. The board of NoPaperForms then approved a plan to pursue an IPO, according to its investor, Info Edge.

Plans for the IPO

It is anticipated that the startup will soon submit IPO paperwork. According to various media reports, the startup is valued at approximately INR 2,000 Cr ($234 Mn), and its public offering would be between INR 500 Cr and INR 600 Cr ($60-70 Mn).

By the end of 2025, the listing is anticipated to become a reality. NoPaperForms, which was founded in 2017 by CEO Naveen Goyal and CSO Suraj Sapra, offers a range of software products for the education sector, such as campaign management, application management, and lead management systems.

It provides solutions for handling every stage of the student lifecycle, from initial inquiry to final enrolment, through its flagship platform Meritto. Additionally, the education industry's many stakeholders can work together and effectively manage the admissions process thanks to its unified platform.

 According to its records on Tofler, the startup earned a profit in FY24, reporting a standalone profit of INR 4 Lakh as opposed to a loss of INR 15 Cr in the prior fiscal year. From INR 48.2 Cr in the prior fiscal year to INR 70 Cr in the year under review, its revenue increased by 45.4%.

IPO Trend Blossoming Among Indian Startups

The SaaS startup's listing would expand the number of publicly traded businesses emerging from Info Edge's stable. Info Edge's omnichannel jewellery business BlueStone is preparing to go public, while PB Fintech and Zomato have been listed for years.

Prior to submitting its RHP, the jewellery company hopes to raise pre-IPO financing at a unicorn value after receiving SEBI's approval for its IPO in April. In the meantime, the nation has seen an increase in new-age tech IPO filings in recent weeks.

Major e-commerce company Meesho pre-filed its IPO documents today for a $1 billion IPO. Other modern technology businesses that have submitted their DRHPs to SEBI include Urban Company, Shiprocket, PhysicsWallah, Capillary Technologies, Pine Labs, and Curefoods, among others.