NoPaperForms Moves Closer To IPO With Updated Draft Papers, Plans To Raise ₹375 Crore Through Fresh Issue

New Delhi: Education technology and payments solutions provider NoPaperForms Solutions Ltd has moved a step closer to its stock market debut after filing updated draft papers with markets regulator SEBI for its proposed initial public offering.

The NoPaperForms IPO will include a fresh issue of shares worth up to ₹375 crore along with an Offer for Sale (OFS) of 3.84 crore equity shares by investor Startup Investments (Holding) Ltd.

How NoPaperForms Will Use IPO Funds

According to the updated draft red herring prospectus, proceeds from the fresh issue will be used for customer acquisition and retention, technology development and cloud infrastructure.

The company also plans to deploy funds for general corporate purposes and potential acquisitions.

NoPaperForms had initially filed its IPO papers with SEBI in November and received the regulator’s approval in March.

AI-Powered Platform for Education Sector

Gurugram-based NoPaperForms provides AI-powered SaaS, embedded payments and Agentic AI solutions for educational institutions.

Its offerings cover student acquisition, enrolment, fee management and engagement.

The company operates two flagship products — Meritto, a student recruitment and enrolment operating system, and Collexo, a full-stack fee payment solution.

Platform Records Strong Growth

Student enquiries processed through the platform increased to 14.88 crore in FY26 from 8.95 crore in FY24, representing a CAGR of 29%.

Personalised communications rose to 186 crore from 132 crore during the same period.

Meanwhile, fee collections processed through the platform more than doubled to ₹3,180 crore in FY26 from ₹1,541 crore in FY24, clocking a CAGR of 43.67%.

IIFL Capital Services and SBI Capital Markets are managing the NoPaperForms IPO.