NoPaperForms files updated draft papers for IPO; eyes Rs 375 Cr via fresh issue
Education tech infrastructure firm NoPaperForms is set to tap the public markets with a Rs 375 crore fresh issue, alongside an OFS of 3.84 crore shares.
Education-focused technology infrastructure and payments solutions provider NoPaperForms Solutions Ltd has filed its updated draft papers with markets regulator Sebi for an initial public offering (IPO) comprising a fresh issue of shares worth up to Rs 375 crore.
Along with the fresh issue, there will be an OFS (offer for sale) comprising 3.84 crore equity shares by investor shareholder Startup Investments (Holding) Ltd, according to the updated draft red herring prospectus (UDRHP) filed on Friday.
NoPaperForms plans to use the proceeds from the fresh issue towards customer acquisition and retention, technology development and cloud infrastructure, besides general corporate purposes and funding inorganic growth through unidentified acquisitions.
Founded in 2017 by Naveen Goyal and Suraj Supra, NoPaperForms started out as a SaaS-based enrolment automation platform aimed at digitising and streamlining the admissions process for educational institutions.
Since then, the company has expanded its offering through Meritto, its flagship vertical SaaS platform for student recruitment and enrolment. The platform now offers products spanning education CRM, application management, payments, engagement and enrolment workflows, and is used by more than 1,200 educational organisations globally, according to the company.
Early this year, NoPaperForms expanded into agentic AI with the launch of Mio AI, a platform designed to deploy AI agents across areas such as student enrolment, engagement and institutional workflows. The company said the agents can operate across enrolment portals, marketing websites, communication channels and internal workflows, with institutions able to configure their actions and escalation rules.
The company’s expansion into AI comes as it seeks to build on its vertical SaaS offering, with future applications planned across areas including lead nurturing, financial workflows, academic advising and internal operations.
(With inputs from PTI)