NoPaperForms Solutions, a SaaS and AI startup in the education sector, filed an updated draft red herring prospectus (DRHP) with SEBI to raise Rs 375 crore through a fresh equity issue. The IPO also includes an offer for sale of 38.42 million shares by Info Edge’s subsidiary Startup Investments (Holding), the sole shareholder selling in the offering, according to medianama.com.
The DRHP, filed on September 4, shows Info Edge held 47.93% of NoPaperForms’ equity pre-IPO, with a weighted average acquisition cost of Rs 3.26 per share. Naveen Goyal, the founder and promoter with a 30.19% stake, will not sell shares in the offer. The company counts Trifecta Capital as a backer. NoPaperForms was acquired by Careers360 in 2015 and sold to Goyal in 2017, per medianama.com.
The Rs 375 crore fresh issue proceeds will fund customer acquisition and retention (Rs 96 crore) and technology development (Rs 148 crore). The IPO’s structure, with a significant OFS by Info Edge’s subsidiary, reflects a partial exit by the parent company while enabling NoPaperForms to raise capital for growth. This move follows growing investor interest in education technology SaaS firms in India.
The IPO filing on September 4 marks a key milestone for NoPaperForms as it seeks to expand its footprint in the education SaaS and embedded payments market. The company’s next regulatory update or pricing announcement will provide further clarity on investor appetite and valuation.