With profitability soaring and revenue up 31%, the Info Edge-backed edtech SaaS startup is gearing up to file draft IPO papers valuing the company at ₹2,000 Cr.
Profits Skyrocket as IPO Plans Take Shape
Meritto (formerly NoPaperForms) has reported a 50X increase in net profit for FY25, registering ₹1.9 Cr in profit after tax (PAT) — up from just ₹4 Lakh in FY24, its first profitable year.
- Operating revenue rose 31% to ₹92.3 Cr from ₹70.4 Cr last year.
- Including ₹3.5 Cr in other income, Meritto’s total income stood at ₹95.8 Cr, up from ₹73.6 Cr.
- Total expenses grew 28% to ₹94.2 Cr, driven mainly by employee benefits (₹56.8 Cr) and infrastructure/tooling costs (₹21.9 Cr).
The company’s ability to expand margins while growing top-line revenue has strengthened its case for a public listing.
₹600 Cr IPO in the Works
Backed by Info Edge Ventures, Meritto is preparing to file its draft red herring prospectus (DRHP) by the end of October or early November 2025.
- The proposed IPO is expected to raise ₹500–600 Cr ($60–70 Mn).
- The offering could value Meritto at around ₹2,000 Cr ($234 Mn).
- IIFL Capital and SBI Capital have been appointed as investment bankers.
- Info Edge, which owns 48% stake, is unlikely to dilute in the IPO.
The listing is targeted for the end of 2025, making it one of the notable SaaS IPOs in India’s public pipeline.
A SaaS Engine for Education Institutions
Founded in 2017 by Naveen Goyal and Suraj Sapra, Meritto provides enrolment automation and CRM software tailored to educational institutions.
Its suite includes:
- Meritto (CRM) – for student recruitment, admission workflows, and fee tracking
- Collexo – a fintech platform for automated fee collection, EMIs, and payments
The startup claims to serve over 1,200 institutions, including:
- Manipal University, Shiv Nadar University, NMIMS, and PhysicsWallah
As part of its international expansion, Meritto entered the UAE and Malaysia markets last year, with plans to deepen its global footprint.
Backing and Capital History
Meritto’s largest investor Info Edge Ventures has played a pivotal role in its journey:
- First backed the company with a $400K seed investment
- Followed up with $3.2 Mn in Series A funding in 2018
Info Edge’s long-term support and current holding of nearly half the cap table adds a layer of confidence for potential IPO investors.
Market Outlook & Strategic Timing
Meritto’s IPO timing aligns with:
- A growing demand for vertical SaaS in education
- An increase in tech spending by institutions for digital admissions and fee management
- Positive investor sentiment for profitable, scalable SaaS companies in the public markets
Its strong client base, operational profitability, and expanding product stack position Meritto as a rare profitable player in the edtech SaaS space — a narrative public markets are likely to reward.
