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Info Edge-backed NoPaperForms converts into public company

EntrackrEntrackr · 4m ago
Info Edge-backed NoPaperForms converts into public company
Medial

Info Edge-backed NoPaperForms converts into public company Info Edge-backed NoPaperForms, the parent company of Meritto, has converted into a public entity and is gearing up for a stock exchange listing soon. The board of NoPaperForms has approved a resolution to change its status to a public company and rename it from "NoPaperForms Solutions Private Limited" to "NoPaperForms Solutions Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). The Gurugram-based SaaS company has reportedly roped in IIFL Capital and SBI Capital as its investment bankers. As per the media reports, NoPaperForms expects to file for an Initial Public Offering (IPO) worth Rs 500-600 crore at a valuation of Rs 2,000 crore ($235 million) by the end of 2025. Founded in 2017 by Naveen Goyal, NoPaperForms is a vertical SaaS and embedded payments platform for educational institutions. NoPaperForms offers range of services through two flagship products, “Meritto”, which helps educational institutions manage student recruitment, leads, applications, communication, and analytics in one place, and “Collexo”, a payment and fee management system that makes it easy to collect fees, offer flexible payment plans, and track finances in real time. According to startup data platform TheKredible, Info Edge currently holds a 47.9% stake followed by founder Naveen Goyal, who owns 30.17% stake. NoPaperForms turned profitable in the fiscal year ended March 2024, posting a Rs 4 lakh profit compared to a Rs 15.6 crore loss in FY23, driven by a 45% jump in operating revenue from Rs 48 crore to Rs 70 crore in FY24. With this conversion, NoPaperForms will join the growing list of Indian startups that recently converted into public companies including Amagi, Dairy company Milky Mist, fintech majors PhonePe, Pine Labs, Razorpay, and Meesho, which also filed its DRHP after recently completing its reverse flip.

Groww files confidential DRHP with SEBI

EntrackrEntrackr · 5m ago
Groww files confidential DRHP with SEBI
Medial

Stock broking platform Groww has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, according to public notices published in newspapers on May 25. The pre-filing mechanism, introduced by SEBI in 2022, allows companies to privately submit their DRHPs. The document remains confidential until the firm decides to go public, giving companies greater flexibility in IPO planning. Groww is currently the largest stockbroking platform in India, with over 13 million active users monthly, according to NSE data. It commanded a 26.57% market share in February 2024, ahead of rivals Zerodha (16.25%) and Angel One (15.62%). Backed by Peak XV Partners, Tiger Global, Ribbit Capital, and Y Combinator’s Continuity Fund, Groww has raised around $400 million to date. Its last round was a $251 million Series E in October 2021, which pegged its valuation at $3 billion. The company is now looking to raise $200 million in a pre-IPO round, targeting a valuation in the $6.5–7 billion range. As part of this, Viggo Investments Pte Ltd has sought clearance from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww. On the financial front, Groww’s revenue from operations surged to Rs 3,145 crore in FY24, though the firm reported a net loss of Rs 805 crore, driven by a one-time tax expense of Rs 1,340 crore related to its redomicile to India. Several Indian startups have recently opted for the confidential filing route introduced by SEBI in 2022 to prepare for their public listings. This includes car marketplace CarTrade, logistics company Delhivery, Shiprocket, and consumer electronics brand boAt. Groww Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

EntrackrEntrackr · 1m ago
Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO
Medial

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO Building materials unicorn Infra.Market has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO), according to sources aware of the development. The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion. The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing. Infra.Market’s move comes just weeks after it raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India. Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital. On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively. By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.

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