NoPaperForms, the parent company of Meritto, a startup specializing in Enterprise SaaS for educational institutions, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). This move marks a significant milestone in the tech startup’s journey towards market expansion and financial growth.
Notably, the company submitted its draft red herring prospectus (DRHP) confidentially in November 2025, leading to SEBI’s issuance of an observation letter on March 25, enabling Meritto to progress with its public issue in the upcoming months. The IPO is anticipated to encompass both a fresh share issue and an offer for sale (OFS).
With plans to raise between ₹500 Cr to ₹600 Cr at a valuation of approximately ₹2,000 Cr, Meritto aims to leverage this opportunity for further investment and strategic development. Investor Info Edge is set to divest a portion of its stake through the OFS, potentially reducing its shareholding below 25% post-listing.
In the fiscal year 2025 (FY25), Meritto’s financial performance demonstrated remarkable growth, as its net profit surged to about ₹1.9 Cr from ₹4 Lakh in the previous year, accompanied by a 31% year-over-year (YoY) increase in operating revenue to ₹92.3 Cr. The startup’s core offerings of enrolment automation and CRM tools have evidently resonated with educational institutions, propelling its success in the market.
Founded in 2017, Meritto’s commitment to enhancing student recruitment, admissions, and fee management processes through innovative SaaS solutions underscores the pivotal role technology plays in reshaping the education sector. The company’s IPO approval signifies not just a financial milestone but also a testament to the evolving landscape of tech-driven solutions within the educational domain.
Source: Inc42 Media