Info Edge-backed NoPaperForms is a company that provides software for student enrolment. The company is preparing to launch its public offer. IIFL Capital and SBI Capital have been hired as merchant bankers for the seamless IPO execution. NoPaper is targeting between INR 500 to 600 crore and seeing a total valuation of around INR 2,000 crore.
Some insider reports suggest that NoPaperForms will submit its issue papers next month, and the company is expecting to be listed by the end of 2025. If NoPaperForms IPO is listed, it will be the third company from Info Edge’s portfolio following Zomato and PolicyBazaar.
This will make it the third startup from Info Edge’s portfolio to go public, following Zomato and PB Fintech.
NoPaperForms Business and Financial Performance
NoPaperForms, also known as Meritto. It provides cloud-based software for educational institutions. Its platform helps colleges and universities manage admissions, fees, student communication, and placements.
The company’s reporting a steady growth. In FY24, its revenue stands at INR 70 crore (a 45% increase from FY23). The company has turned profitable now and reported a net profit of INR 4 lakh (loss of INR 15.6 crore in FY23). Its adjusted EBITDA also rose by 161% to INR 6.3 crore in FY24.
In the first quarter of FY25, the company recorded INR 26.2 crore in revenue and INR 1.2 crore in net profit, strengthening its position before the IPO.
Market Position and Future Plans
NoPaperForms was founded in 2017 by Naveen Goyal. It serves 1,200 educational institutions as customers. The company is targeting to expand globally.
Market analysts are expecting that India’s education market will grow to INR 25,00,000 crore by FY28. The number of colleges and universities is increasing rapidly in India, and they will seek digital solutions in the near future. NoPaperForms sees this as an opportunity to grow further. The Indian government also aims to increase the Gross Enrolment Ratio (GER) to 50% by 2035, which could boost demand for such technology.
Info Edge, which owns 48% of NoPaperForms, has invested about INR 30 crore in the company. If the IPO reaches its target valuation, it will bring strong returns for the investor. However, reports suggest that Info Edge may not sell its stake, as it prefers to stay invested in its portfolio companies for the long term.
Info Edge’s History with IPOs
Info Edge has seen success with past IPOs. Zomato and PB Fintech both delivered strong returns after going public. However, its stock prices have been fluctuating due to various factors that have affected Info Edge’s market valuation.
Conclusion
NoPaperForms’ decision to launch an IPO shows confidence in its business. With India’s education sector expanding and digital adoption increasing, the company has a good chance of attracting investors. However, market conditions will play a key role in the IPO’s success.
With support from Info Edge and a solid track record, NoPaperForms is preparing to enter the stock market later this year.
In the first two months of 2025, a total of 10 IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these 10 IPOs, three IPOs delivered negative returns. The average listing returns stand at 17.53%. It is quite low compared to IPOs listed in December 2024.
SME landscape is not affected by ongoing market turmoil. As many as 39 IPOs were listed from 1 January to 28 February 2025. Out of these 39, thirteen IPOs landed in negative territory. The average listing returns stand at 18.60%. These IPOs cumulatively raised INR 1,827.94 crore from the market.
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