NoPaperForms Turns Profitable, Eyes Rs 2,000 Crore IPO by 2025
NoPaperForms, the Indian SaaS company specialising in education sector activities under the brand Meritto, has announced a profit of Rs 4 lakh in FY24, marking a significant turnaround from the Rs 15.6 crore loss incurred in FY23. The company, founded in 2017 by Naveen Goyal and Suraj Sapra, has also transitioned into a public company and is preparing for an Initial Public Offering (IPO) by the end of 2025.
NoPaperForms, now renamed NoPaperForms Solutions Limited, offers a vertical SaaS platform embedded with digital payment solutions for educational institutions. Its core product, Meritto, manages the entire student lifecycle for schools, colleges, and edtech companies. The company also operates Collexo, a fee management system for educational institutions. The IPO, estimated to value the company at Rs 2,000 crore ($234 million), aims to raise Rs 500-600 crore ($60-70 million). IIFL Capital and SBI Capital are the investment banks managing the IPO.
NoPaperForms' successful transition into profitability and its upcoming IPO reflect the growing potential of the Indian SaaS market and the education sector's digital transformation. The company's unique offerings and strong financial backing position it well for future growth.
