SaaS-based enrollment automation solution platform NoPaperForms, operating under the brand Meritto, has appointed two investment bankers for its upcoming initial public offering (IPO).
The Naveen Goyal-led startup has enlisted IIFL Capital and SBI Capital for its IPO, which is expected to raise around INR 500 Cr to INR 600 Cr, according to a report by Moneycontrol, citing sources familiar with the matter.
The Gurugram-based company plans to debut on the stock market by the end of this year. The company may file its draft IPO papers within the next couple of quarters and is seeking a valuation of INR 2,000 Cr.
Business Headline reached out to NoPaperForms for comments on the development, and the story will be updated based on their response.
Despite the IPO preparations, the company’s existing backer, Info Edge, is unlikely to sell its stake in the company. Info Edge initially invested $400K in the startup’s seed funding round and later injected $3.2 Mn in 2018 as part of the Series A funding round.
Founded by Goyal and Suraj Sapra in 2017, NoPaperForms helps businesses in the edtech sector streamline operations related to student enrollment and fee collection. The company offers two major products — Meritto and Collexo.
Meritto provides solutions for student recruitment and enrollment, including services like enrollment cloud, education CRM, managing the application process, group discussions, personal interviews, fee collection, and live chat platforms.
On the other hand, Collexo offers payment and financial solutions for the education sector, including automated fee collection, EMI options for students, and auto-debit on due dates.
NoPaperForms claims to serve over 1,200 educational institutions, including prominent names like Manipal University, Shiv Nadar University, Narsee Monjee Institute of Management Studies, and PhysicsWallah. The company also expanded its services to the UAE and Malaysia last year.
India’s edtech sector has faced challenges in recent years, with BYJU’s being a prominent example of difficulties faced by startups amid a market dominated by offline institutions. However, PhysicsWallah has emerged as a silver lining in the sector, eyeing an IPO by the end of 2025. In December last year, PhysicsWallah transitioned into a public company in preparation for its $400-$500 Mn IPO. The company has also selected investment bankers for its upcoming public listing.
According to Business Headline, the Indian edtech sector is expected to reach $29 Bn by 2030.
