NoPaperForms Solutions Ltd has filed updated draft papers with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering.
The education technology and payments company plans to raise up to Rs. 375 crore through a fresh issue of shares. The IPO will also include an offer for sale by existing investor Startup Investments (Holding) Ltd.
According to the updated draft red herring prospectus, NoPaperForms plans a fresh issue of equity shares worth up to Rs. 375 crore. In addition, Startup Investments (Holding) Ltd will offer 3.84 crore equity shares through the offer-for-sale portion of the IPO.
The OFS will allow the selling shareholder to reduce its stake in the company. NoPaperForms will not receive proceeds from shares sold through the OFS. The company will receive funds only from the fresh issue portion of the public offering.
NoPaperForms previously submitted preliminary IPO papers to SEBI in November. The company later received regulatory approval in March to move ahead with the proposed public issue. It has now filed updated papers as part of the IPO process.
NoPaperForms plans to use part of the fresh issue proceeds for customer acquisition and retention. The company also intends to invest in technology development and cloud infrastructure as it expands its education-focused software and payment services.
Additionally, the company may use some of the funds for acquisitions, although it has not identified any specific targets. The remaining amount will support general corporate purposes, as stated in the updated IPO documents.
Gurugram-based NoPaperForms provides software and payment services to educational institutions. Naveen Goyal promotes the company, which operates AI-powered software-as-a-service products, embedded payment solutions, and Agentic AI products for the education sector.
NoPaperForms operates two main products, Meritto and Collexo. Meritto functions as an operating system for student recruitment and enrolment. It helps educational institutions manage student enquiries, admissions, marketing activities, and engagement.
Collexo provides payment services focused on fee management for educational institutions. The platform helps institutions collect and manage student fees through a full-stack payment system. NoPaperForms also supports institutions across student acquisition, enrolment and communication processes.
Activity on the company's platform has increased in recent years. Student enquiries rose from 8.95 crore in fiscal 2024 to 14.88 crore in fiscal 2026, representing a compound annual growth rate of 29%.
Meanwhile, personalised communications handled through the platform increased from 132 crore in fiscal 2024 to 186 crore in fiscal 2026. The company reported a CAGR of 19% for personalised communications during the period.
Fee collections processed through NoPaperForms' platform more than doubled between fiscal 2024 and fiscal 2026. The platform processed Rs. 3,180 crore in fee collections in fiscal 2026, compared with Rs. 1,541 crore in fiscal 2024.
This represents a CAGR of 43.67% over the period. The increase came as educational institutions used the company's payment and software platforms for student recruitment, enrolment, fee collection, and engagement.
IIFL Capital Services and SBI Capital Markets are acting as the book-running lead managers for the NoPaperForms IPO. MUFG Intime India has been appointed as the registrar to the issue. The company has not yet announced the IPO price band, opening date, or listing schedule.
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