Nopaperforms Solutions IPO

Strengths · 7

• 01Revenue from operations rose each year, from Rs 70.36 crore in FY2024 to Rs 92.34 crore in FY2025 and Rs 115.65 crore in FY2026.
• 02The customer base grew from 793 in FY2024 to 1,003 in FY2025 and 1,183 in FY2026.
• 03Net revenue retention was 117.21% in FY2026 and 121.83% in FY2025, so existing customers spent more year on year.
• 04Operating cash flow was positive in all three years: Rs 147.98 million in FY2024, Rs 162.39 million in FY2025 and Rs 259.25 million in FY2026.
• 05Total borrowings fell from Rs 89.51 million in FY2024 to Rs 29.94 million in FY2025 and nil in FY2026.
• 06EBITDA moved from Rs 4.57 million in FY2024 to Rs 76.06 million in FY2026, and the EBITDA margin rose from 0.65% to 6.58%.
• 07Total fees processed on its platforms grew 58.44% in FY2026 to Rs 31,798.47 million, which feeds its payments product Collexo.

Risks · 9

• 01Meritto gave 93.46% of revenue from operations in FY2026 and 94.26% in FY2025, so the business depends on one product.
• 02All products are built only for the education industry, so weaker demand for education in India would hit the whole business.
• 03Gross margin fell from 69.49% in FY2024 to 68.03% in FY2025 and 64.23% in FY2026.
• 04The top vendor supplied 27.62% of cloud infrastructure and Student Engagement suite cost in FY2026, and the top three vendors supplied 69.61%.
• 05The entire offer for sale of up to 3,84,22,392 equity shares is by Startup Investments (Holding) Limited, an investor, and the company gets nothing from it.
• 06The selling investor's weighted average cost is Rs 3.26 per share, and the company does not meet Regulation 6(1)(a) and 6(1)(b), so it lists under Regulation 6(2).
• 07Profit for FY2026 was Rs 119.33 million, higher than profit before tax of Rs 72.57 million, and the profit growth in FY2026 should be read with that gap in mind.
• 08General corporate purposes and unidentified acquisitions together can take up to 35% of the gross proceeds, and the amount is not yet fixed.
• 09Auditors included observations in their report for the period ended 30 June 2026 and in the annexure for the year ended 31 March 2025, as described in Risk Factor 34 of the UDRHP-I.

Nopaperforms Solutions Limited, based in Gurugram, Haryana, builds software only for the education industry. Its two main products are Meritto, a system that handles student enquiries through to enrolment, and Collexo, a system for collecting and reconciling student fee payments.

Mio AI is the AI layer that runs across both products and lets institutes use software agents for student-facing and office work. The company also sells a Student Engagement Suite and Pixi, a co-branded prepaid card for campus ID, access, payments and transit. Pixi is part of Collexo.

Customers include universities, colleges, Pre-K and K-12 schools, coaching and test preparation institutes, edtech providers and education consultants. The company had 1,183 customers in FY2026, up from 1,003 in FY2025 and 793 in FY2024. It sells mainly in India and reports a single business segment, rendering of services.

Meritto is the main earner. It gave 93.46% of revenue from operations in FY2026. Billing for Meritto was Rs 1,166.22 million in FY2026 and billing for Collexo was Rs 65.51 million. Total fees processed on the platforms were Rs 31,798.47 million in FY2026 against Rs 20,069.99 million in FY2025.

The registered and corporate office in Gurugram is leased, and the company has regional offices across India. Naveen Goyal is the sole promoter and is Chairman, Managing Director and Chief Executive Officer. He has over 16 years of experience in entrepreneurship and business management and earlier founded Edukriti Learning Solutions Private Limited.

This page is based on the Updated Draft Red Herring Prospectus-I (UDRHP-I) dated 4 September 2026. The issue price, dates and final size are not yet set.

The industry

The industry report by 1Lattice estimates the Indian enrolment SaaS market for the education sector at Rs 370.27 billion in Fiscal 2026, growing to Rs 530.23 billion in Fiscal 2031 at a CAGR of 7.45%. India has about 247.20 million school students and 67.15 million students in higher education in Fiscal 2026, plus nearly 110.00 million learners in test prep, coaching and edtech. The report says most institutions still stay offline or on horizontal software.

Customer concentration: The document gives no top-5 customer share (marked not applicable). Meritto gave 93.46% of FY2026 revenue from operations.