NoPaperForms Transforms into Public Company Ahead of IPO

NoPaperForms, backed by Info Edge, is now officially a public entity and is preparing for a stock exchange listing shortly. The board of NoPaperForms has sanctioned a resolution to alter its status into a public company and has changed its name from “NoPaperForms Solutions Private Limited” to “NoPaperForms Solutions Limited”, as stated in a regulatory filing from the Registrar of Companies (RoC).

The Gurugram-based SaaS firm has engaged IIFL Capital and SBI Capital as its investment bankers. According to media reports, NoPaperForms is anticipated to file for an Initial Public Offering (IPO) worth Rs 500-600 crore at a valuation of Rs 2,000 crore ($235 million) by the close of 2025.

About NoPaperForms

Established in 2017 by Naveen Goyal, NoPaperForms serves as a vertical SaaS and embedded payments platform tailored for educational institutions. The platform provides a variety of services through its signature products, “Meritto,” which assists educational institutions in managing student recruitment, leads, applications, communication, and analytics seamlessly, and “Collexo,” a fee management system designed for easy fee collection, flexible payment plans, and real-time financial tracking.

Company Ownership Structure

As per data from various startup platforms, Info Edge currently possesses a 47.9% stake in NoPaperForms, followed by founder Naveen Goyal, who holds a 30.17% stake.

Financial Performance

NoPaperForms achieved profitability in the fiscal year ending March 2024, reporting a profit of Rs 4 lakh, a significant turnaround from a Rs 15.6 crore loss in FY23. This positive outcome was fuelled by a 45% increase in operating revenue, climbing from Rs 48 crore to Rs 70 crore in FY24.

Market Context

With this transition, NoPaperForms is set to join the ranks of other Indian startups that have recently become public companies, including notable names like Amagi, Dairy company Milky Mist, and fintech leaders PhonePe, Pine Labs, Razorpay, and Meesho, which has also filed its Draft Red Herring Prospectus (DRHP) following a recent reverse merger.