NoPaperForms files updated IPO papers with ₹375 crore fresh issue, 3.84 crore-share OFS

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 ₹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.

The latest filing comes after NoPaperForms submitted its preliminary IPO papers with Sebi in November and subsequently received the regulator's approval in March to proceed with the public issue.

The Gurugram-based company is seeking to tap the capital markets at a time when the country's education technology and digital payments ecosystem is witnessing growing adoption of technology-driven platforms.

Promoted by Naveen Goyal, NoPaperForms provides AI-powered vertical software-as-a-service (SaaS), embedded payments and Agentic AI products designed specifically for the education sector.

AI-powered SaaS platform sees sharp rise in student enquiries, fee collections

Its offerings cover key functions, including student acquisition, enrolment, fee management and student engagement, helping educational institutions improve conversions, optimise marketing expenditure and streamline operations.

NoPaperForms offers two flagship products, Meritto -- an operating System for Student Recruitment and enrollment, and Collexo -- a full-stack payment solution that brings predictability and scalability to fee management for educational institutions.

The company's platform saw student enquiries rise to 14.88 crore in fiscal 2026, from 8.95 crore in fiscal 2024, registering a CAGR (compound annual growth rate) of 29 per cent. Personalised communications facilitated through the platform increased to 186 crore from 132 crore during the same period, a CAGR of 19 per cent.

Meanwhile, fee collections processed through the platform more than doubled to ₹3,180 crore in fiscal 2026, from ₹1,541 crore in fiscal 2024, representing a CAGR of 43.67 per cent.

NoPaperForms targets growth through technology and acquisitions

NoPaperForms plans to use the fresh issue proceeds towards technology development, cloud infrastructure and customer acquisition and retention, while also keeping scope for inorganic growth through unidentified acquisitions.

IIFL Capital Services and SBI Capital Markets are the book-running lead managers to the issue, while MUFG Intime India is the registrar.