NoPaperForms Solutions IPO

NoPaperForms Solutions Limited IPO is a Book Building Issue.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. IIFL Capital Services Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details, such as the IPO dates, IPO price band, and lot size, are yet to be announced.

About NoPaperForms Solutions Limited

NoPaperForms Solutions Limited was incorporated as NoPaperForms Solutions Private Limited on February 8, 2017, under the provisions of the Companies Act, 2013. The company was subsequently converted into a public limited company under the name NoPaperForms Solutions Limited in May 2025. Headquartered in Gurugram, Haryana, the company operates in the education technology industry and provides AI-powered Vertical Software-as-a-Service (SaaS), embedded payments, and Agentic Artificial Intelligence solutions. Its platform is purpose-built for educational organisations and addresses key operational requirements, including student acquisition, enrolment management, fee collection, and student engagement.

The company offers a comprehensive portfolio of technology solutions designed for different segments of the education industry. Its flagship products include Meritto, an AI-powered platform for student acquisition and enrolment management, and Collexo, an embedded payments platform for fee collection and payment management. The company also offers a Student Engagement Suite, which enables educational institutions to manage communication and engagement with prospective and existing students.

In addition, its Agentic Artificial Intelligence platform, Mio AI, provides intelligent agents to automate and support student-facing and institutional workflows. Its product portfolio also includes UniApply, a school discovery and common application platform, and Pixi, a co-branded prepaid payment instrument that functions as an all-in-one student card for campus identification, access, payments, and transit.

The company has expanded its product portfolio through several launches and platform enhancements. Key milestones include the launch of its first application automation platform, NoPaperForms, in 2017, followed by the Unified Enrollment Cloud in 2018. In 2020, it introduced Niaa, an education chatbot, and UniApply, a school discovery and common application platform.

In 2021, it launched its Student Engagement Suite, followed by the rebranding of UniPe as Collexo in 2022 and NoPaperForms as Meritto in 2023. In 2025, the company launched Collexo Pixi and Mio AI to expand its student payment and artificial intelligence capabilities.

The company serves a diversified customer base across the education landscape in India and select international markets. Its customers include universities, colleges, Pre-K and K-12 schools, coaching and test preparation institutes, education technology providers, and education consultants.

During Fiscal 2026, the company served 1,183 customers, compared with 1,003 customers in Fiscal 2025 and 793 customers in Fiscal 2024. Its average revenue per customer increased from ₹0.89 million in Fiscal 2024 to ₹0.98 million in Fiscal 2026. The company also reported a net revenue retention rate of over 115% in each of the last two financial years.

Industry Outlook

• The global education market was valued at ₹569.01 trillion (US$6.61 trillion) in Calendar Year 2025 and is projected to reach ₹700.02 trillion (US$8.13 trillion) by Calendar Year 2030, growing at a CAGR of 4.23%. Growth is driven by digital innovation, changing workforce requirements, increased public and private sector investments, expansion of EdTech solutions, and rising demand for personalised education.
• India had approximately 247.20 million school students, 67.15 million higher education students, and nearly 110 million learners in test preparation, coaching, and EdTech during Fiscal 2026. Private education spending in India reached ₹7.28 trillion in Fiscal 2023, accounting for approximately 4% of the country's Gross Domestic Product. Despite the large education market, many institutions continue to rely on offline processes or generic software solutions.
• Educational institutions manage interconnected responsibilities involving student acquisition, enrolment, engagement, fee payments, academics, student lifecycle management, institutional administration, and governance. These processes require integrated technology solutions to improve operational efficiency, manage student interactions, and support institutional growth.
• Education SaaS solutions are broadly classified into Vertical SaaS and Horizontal SaaS. Vertical SaaS platforms are specifically designed for educational institutions, offering customised functionalities for admissions, enrolment, assessment, and student engagement. Horizontal SaaS platforms provide generic solutions across multiple industries, such as email, document sharing, and project management. Vertical SaaS offers greater customisation and integration with education-specific workflows.
• Education institutions are increasingly adopting integrated software platforms to manage student journeys, including customer relationship management, marketing automation, counselling workflows, application tracking, communication, and analytics. These solutions help institutions streamline admission processes, improve student engagement, reduce manual workloads, optimise marketing expenditure, and enhance enrolment conversion rates.
• The Indian enrolment SaaS market for the education sector had a Total Addressable Market (TAM) of ₹370.27 billion (US$4.20 billion) in Fiscal 2026. It is estimated to reach ₹530.23 billion (US$6.00 billion) by Fiscal 2031, registering a CAGR of 7.45%. The Serviceable Addressable Market (SAM) is estimated to increase from ₹41.78 billion (US$0.50 billion) in Fiscal 2026 to ₹82.67 billion (US$0.94 billion) in Fiscal 2031, at a CAGR of 14.62%.
• The enrolment SaaS market across the United States, Middle East, and South-East Asia had a TAM of ₹698.20 billion (US$8.11 billion) in Calendar Year 2025 and is projected to reach ₹844.57 billion (US$9.81 billion) by Calendar Year 2030, growing at a CAGR of 3.88%. Its SAM was valued at ₹341.78 billion (US$3.97 billion) in Calendar Year 2025 and is expected to reach ₹518.11 billion (US$6.02 billion) by Calendar Year 2030, at a CAGR of 8.71%.
• The global payments and financing solutions market relating to education payments was valued at ₹4,254.55 billion (US$49.40 billion) in Calendar Year 2025 and is expected to grow at a CAGR of 4.46% between Calendar Years 2025 and 2030. The increasing adoption of digital payment systems and demand for integrated fee collection and payment management solutions present growth opportunities for technology providers catering to educational institutions.

NoPaperForms Solutions IPO Objectives

The company proposes to utilise the net proceeds from the Issue towards the following objectives:

• To fund expenditure towards acquiring new customers and retaining existing customers.
• To strengthen technology capabilities and support infrastructure requirements.
• Towards general corporate purposes.

Financial Performance of NoPaperForms Solutions Limited

NoPaperForms Solutions Limited Peer Details Comparison

As per the UDRHP, there are no directly comparable listed companies in India or internationally with a similar business model and scale of operations.

Strengths and Opportunities of NoPaperForms Solutions IPO

1. The company is India's largest AI-powered Vertical SaaS and embedded payments platform for the education sector in the student enrolment and payments segment, based on revenue and scale in FY25. It was also the only profitable Indian company in this segment with revenue exceeding ₹500 million in FY25.
2. Its comprehensive product portfolio, including Meritto, Collexo, and Mio AI, addresses student acquisition, enrolment, fee management, and engagement. Plug-and-play integrations provide multiple opportunities for cross-selling and expansion.
3. The company has a growing and diversified customer base, serving 1,183 educational organisations in FY26, compared with 1,003 in FY25 and 793 in FY24. Average revenue per customer also increased from ₹0.89 million in FY24 to ₹0.98 million in FY26.
4. Its Net Revenue Retention (NRR) exceeded 115% in each of the last two financial years, reflecting its ability to increase customer spending through upselling, cross-selling, and contract renewals.
5. Its structured go-to-market strategy and community-led engagement initiatives support customer acquisition, retention, and geographical expansion. The company has expanded its operations into the Middle East and South-East Asia.
6. Its proprietary, cloud-native technology platform offers scalable and secure architecture. In FY26, it processed 148.76 million enquiries, facilitated 1.86 billion personalised communications, and enabled fee collections worth ₹31,798.47 million.

Risks and Threats of NoPaperForms Solutions IPO

1. The education Vertical SaaS market in India is still evolving, with frequent technological changes, new product launches, and changing customer requirements. Failure to innovate or adapt could affect the company's business and profitability.
2. The company faces competition from established software providers, niche startups, horizontal platforms, and legacy software. Competitors with greater financial resources, larger customer bases, and stronger technology capabilities could affect its market share.
3. The company's revenue depends significantly on acquiring new customers, retaining existing customers, and increasing revenue from them. Any decline in customer additions, renewals, or spending could adversely affect its financial performance.
4. The company relies on its proprietary technology platform and cloud infrastructure to deliver services. System failures, service disruptions, cybersecurity incidents, or data breaches could affect operations and damage customer trust.
5. The company's expansion into international markets, including the Middle East and South-East Asia, exposes it to unfamiliar regulatory environments, local competition, and operational challenges, which could affect its growth plans.
6. The company operates in a technology-driven industry where continuous investment in research and development is necessary. Failure to develop new features, integrate emerging technologies, or keep pace with AI advancements could weaken its competitive position.

NoPaperForms Solutions IPO Reservation

NoPaperForms Solutions IPO Promoter Holding

The promoter of the company is Naveen Goyal.

NoPaperForms Solutions IPO Prospectus

• NoPaperForms Solutions IPO DRHP

NoPaperForms Solutions IPO Registrar and Lead Managers

NoPaperForms Solutions IPO Lead Managers

• IIFL Capital Services Limited
• SBI Capital Markets Limited

Registrar for NoPaperForms Solutions IPO

MUFG Intime India Private Limited

• Contact Number: 022-49186000
• E-mail: nopaperforms.ipo@in.mpms.mufg.com

NoPaperForms Solutions IPO Registrar

How To Apply for NoPaperForms Solutions IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
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3. Select IPO: Find and select the NoPaperForms Solutions IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

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Contact Details of NoPaperForms Solutions IPO

Registered Office: Unit No. 4, First Floor, Plot No – 242 & 243, AIHP Palms, Udyog Vihar, Phase IV, Palam Road Gurugram -122 015, Haryana, India

Phone: +91-124-4836825

E-mail: secretarial@nopaperforms.com