Info Edge-backed NoPaperForms appoints investment bankers for IPO, seeks ₹2,000 crore valuation: Report

The Naveen Goyal-led firm plans to make its stock market debut by the end of this year. The report said the company may file draft IPO papers in the next couple of quarters. It is seeking a valuation of ₹2,000 crore.

In the financial year 2023-24, the company's revenue from operations climbed 45% year-on-year (YoY) to reach ₹70 crore, and net profit stood at ₹4 lakh vs ₹15.6 crore loss in the previous fiscal. Adjusted EBITDA (before ESOP expenses) climbed 161% to ₹6.3 crore in FY24.

For Q1 FY25, Meritto recorded a revenue and profit of ₹26.2 crore and ₹1.2 crore, respectively.

"With the Indian education market projected to reach ₹25,000,000 million by FY28, Meritto is uniquely positioned to be the de-facto choice for institutions looking to optimize operations and revenue growth. The Government of India's push to increase Gross Enrollment Ratio (GER) to 50% by 2035 further amplifies the need for robust technology solutions in education," the company said.

Info Edge also has a stake in Zomato and PB Fintech, which made their stock market debut in 2021.

Zomato shares ended 2.46% higher at ₹227.61 apiece on the National Stock Exchange (NSE) on Tuesday. The stock has declined 18.4% year-to-date, while it has gained 25.4% in the past year.

PB Fintech shares settled 2.62% lower at ₹1,413.45 apiece on the NSE. The scrip fell 18.18% in the past six months, while it rose 26.1% in the past year.