Info Edge-backed NoPaperForms converts into public company

Info Edge-backed NoPaperForms, the parent company of Meritto, has converted into a public entity and is gearing up for a stock exchange listing soon.

The board of NoPaperForms has approved a resolution to change its status to a public company and rename it from "NoPaperForms Solutions Private Limited" to "NoPaperForms Solutions Limited”,  according to its regulatory filing accessed from the Registrar of Companies (RoC).

The Gurugram-based SaaS company has reportedly roped in IIFL Capital and SBI Capital as its investment bankers. As per the media reports, NoPaperForms expects 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 end of 2025.

Founded in 2017 by Naveen Goyal, NoPaperForms is a vertical SaaS and embedded payments platform for educational institutions.  NoPaperForms offers range of services through two flagship products, “Meritto”, which helps educational institutions manage student recruitment, leads, applications, communication, and analytics in one place, and “Collexo”, a payment and fee management system that makes it easy to collect fees, offer flexible payment plans, and track finances in real time.

According to startup data platform TheKredible, Info Edge  currently holds a 47.9% stake followed by founder Naveen Goyal, who owns 30.17% stake.

NoPaperForms turned profitable in the fiscal year ended March 2024, posting a Rs 4 lakh profit compared to a Rs 15.6 crore loss in FY23, driven by a 45% jump in operating revenue from Rs 48 crore to Rs 70 crore in FY24.

With this conversion, NoPaperForms will join the growing list of Indian startups that recently converted into public companies including Amagi, Dairy company Milky Mist, fintech majors PhonePe, Pine Labs, Razorpay, and Meesho, which also filed its DRHP after recently completing its reverse flip.