Meritto IPO Approved: Edtech Firm Eyes Market Debut

The Indian edtech sector is gearing up for another significant public offering as NoPaperForms Solutions, the company behind the Meritto SaaS platform, has received the crucial observation letter from the Securities and Exchange Board of India (SEBI). This regulatory nod, issued on March 25, 2026, paves the way for the company's market debut within the next few months, signaling continued investor confidence in digital education solutions.

Meritto, which specializes in enrollment automation and customer relationship management tools for educational institutions, is aiming to raise between INR 500-600 crore (approximately USD 60-70 million). The proposed offering will comprise a mix of primary capital infusion and a stake sale by existing shareholders, targeting a pre-offering valuation of around INR 2,000 crore (roughly USD 240 million). This valuation reflects the company's growth trajectory and its established position within the Indian higher education technology market.

The company, founded in 2017 by Naveen Goyal and Suraj Sapra, has demonstrated robust financial performance. For the fiscal year ending March 2025 (FY25), NoPaperForms Solutions reported operating revenues of INR 92.3 crore, a substantial 31% increase year-on-year. Net profit also saw a dramatic improvement, reaching INR 1.9 crore, a significant leap from the INR 4 lakh recorded in FY24. Total income for the period stood at INR 95.8 crore, underscoring the platform's expanding market penetration and operational efficiency.

Meritto's client roster boasts over 1,200 educational institutions, including prominent names like Manipal University and Shiv Nadar University. The platform's reach extends beyond India's borders, with a presence established in the UAE and Malaysia, highlighting its international appeal and scalability. This broad adoption base is a key factor contributing to its strong revenue growth and market positioning.

A notable participant in Meritto's growth story is Info Edge. The investment firm provided crucial early-stage capital, initially investing USD 400,000 in seed funding and subsequently USD 3.2 million in a Series A round in 2018. As part of the upcoming IPO, Info Edge is expected to undertake a partial divestment through the Offer for Sale (OFS) mechanism, reducing its shareholding to below 25% post-listing. This move is common for early-stage investors seeking to realize returns while maintaining a strategic interest.

The appointment of IIFL Capital Services and SBI Capital Markets as the lead bankers for the offering signifies a well-structured approach to the IPO process. The company is anticipated to file its draft red herring prospectus through the confidential filing route, a process that allows for greater discretion during the initial stages of regulatory review. The successful listing of Meritto would further bolster the Indian edtech ecosystem, which has seen increased investor attention driven by the digital transformation of education delivery and administration.