IPO target ₹375 cr fresh equity + 3.84 cr OFS; pre‑IPO placement up to ₹75 cr possible.
FY26 net profit 6× rise to ₹11.9 cr; revenue grew 25.2% to ₹115.6 cr.
Funds earmarked: ₹96 cr for customer acquisition, ₹148 cr for tech & cloud, rest for corporate & acquisitions.
IPO Structure & Capital Plan NoPaperForms Solutions, a Gurugram‑based education SaaS provider backed by Info Edge, has filed an updated Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹375 cr through fresh equity. The plan also includes an Offer for Sale (OFS) of 3.84 cr shares by investor Startup Investments (Holding), which holds 47.93 % of the pre‑offer paid‑up capital. A pre‑IPO placement of up to ₹75 cr is under consideration; any amount raised will be deducted from the fresh issue component.
Financial Performance & Growth FY26 results show a remarkable turnaround: net profit surged 6.3‑fold to ₹11.9 cr from ₹1.88 cr, while revenue grew 25.2 % to ₹115.6 cr. The latest quarter (ended June 2026) recorded a profit of ₹6 cr on revenue of ₹44.7 cr. Domestic operations contribute 91 % of revenue, with the international segment accounting for 9 %. NoPaperForms claims to be India’s largest platform in student enrolment and payments, powered by flagship products Meritto and Collexo, plus Pixi and Mio AI.
Strategic Outlook & Use of Proceeds Proceeds will be allocated as follows: ₹96 cr earmarked for customer acquisition and retention, ₹148 cr for technology development and cloud infrastructure, and the remaining amount for general corporate purposes and potential inorganic growth through acquisitions. The company’s CEO Naveen Goyal highlighted the intent to scale its AI‑powered solutions across the education ecosystem, leveraging the capital to enhance product offerings and expand market reach. With IIFL Capital Services and SBI Capital Markets as merchant bankers, the IPO aims to position NoPaperForms as a leading player in India’s education technology space.
