NoPaperForms Updates IPO Draft
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NoPaperForms has filed an updated IPO draft with SEBI to raise ₹375 crore through a fresh issue. The offering also includes an OFS. The proceeds will fund growth, technology and acquisitions.
NoPaperForms Solutions Ltd. has submitted an updated draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The Gurugram-based education technology company plans to raise up to ₹375 crore through a fresh issue in its initial public offering (IPO).
The company had originally filed its DRHP through the confidential route in November 2025. SEBI cleared the draft in March 2026.
The IPO will also include an offer for sale (OFS) of 3.84 crore equity shares by investor Startup Investments (Holding). Info Edge held a 47.93% stake in NoPaperForms when the updated DRHP was filed on 4 September.
NoPaperForms may also raise up to ₹75 crore through a pre-IPO placement before filing its red herring prospectus with SEBI. If completed, the amount raised will be reduced from the fresh issue size.
How The IPO Proceeds Will Be Used
The company plans to allocate ₹96 crore from the net proceeds towards customer acquisition and retention. Another ₹148 crore will be invested in technology development and cloud infrastructure.
The remaining funds will be used for general corporate purposes. They may also support inorganic expansion through potential acquisitions, although specific targets have not been identified.
Naveen Goyal is among the company's promoters. IIFL Capital Services and SBI Capital Markets have been appointed as merchant bankers for the IPO.
Business And Financial Performance
Founded in February 2017, NoPaperForms describes itself as India’s largest platform focused on student enrolment and fee payments. Its main products include Meritto and Collexo, alongside offerings such as the student engagement suite Pixi and the AI platform Mio AI.
The company's technology supports educational institutions in student acquisition, enrolment, fee management and engagement.
NoPaperForms reported a sharp improvement in profitability in the financial year ended March 2026. Net profit increased nearly six-fold to ₹11.9 crore, compared with ₹1.88 crore a year earlier.
Revenue rose 25.2% to ₹115.6 crore from ₹92.3 crore in the previous financial year. For the recent June quarter, the company reported a profit of ₹6 crore and revenue of ₹44.7 crore.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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