Meritto is the 2023 rebrand of NoPaperForms, a Gurugram-based Indian education SaaS company that sells enrolment automation, CRM and fee-collection tools to educational institutions.

This Startup Deep Dive explains what Meritto does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Meritto in Brief

• What it is: Meritto is an Indian Edtech SaaS (admissions CRM) company based in Gurugram.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Meritto manages student recruitment, admissions and enrolment for colleges and universities.
• Collexo, its payments arm, automates fee collection and offers EMI options.
• Pixi brand sells co-branded cards to students.
• Funding: About $5.35M over five rounds per one tracker (older data).

Meritto Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Meritto?

Meritto operates in the Edtech SaaS (admissions CRM) space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Meritto.

• Meritto manages student recruitment, admissions and enrolment for colleges and universities.
• Collexo, its payments arm, automates fee collection and offers EMI options.
• Pixi brand sells co-branded cards to students.
• Mio AI suite lets institutions deploy AI agents in student workflows.
• Claims 1,183 customers in FY26, including 104 overseas.

The Origin Story of Meritto

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Naveen Goyal, Suraj Sapra.
• Meritto is the new name of NoPaperForms, announced in June 2023.
• The company began with online admission forms replacing paper forms.
• Founded 2017 per most sources; one acquisition report says 2016.
• Naveen Goyal is founder and CEO; Suraj Sapra is co-founder.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Edtech SaaS (admissions CRM) sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2017: Founded as NoPaperForms.
• 2018: Info Edge led Series A of about $3.2M; Series B of about $3.98M in December 2018 per trackers.
• June 2023: Rebrand to Meritto.
• July 2025: Became a public company ahead of IPO.
• November 2025: Confidential DRHP filed.
• March 2026: SEBI approval.
• 2026: Updated DRHP for Rs 375 crore fresh issue.

Meritto Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Seed about $400K, Info Edge.
• 2018 Series A about $3.2M, Info Edge.
• December 2018 Series B about $3.98M, Info Edge.
• Info Edge holds about 48%.

How Does Meritto Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Subscription SaaS for educational institutions.
• Payment and fee-collection services add transaction revenue.
• Average revenue per customer Rs 9.8 lakh in FY26.
• India is 91.2% of FY26 revenue.

The Numbers: Meritto Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY24: operating revenue Rs 70.4 crore, profit about Rs 4 lakh.
• FY25: operating revenue Rs 92.3 crore, profit about Rs 1.9 crore (reports differ, up to Rs 2 crore).
• FY26: operating revenue Rs 115.6 crore, profit Rs 11.9 crore.
• Q1 FY27: revenue Rs 44.8 crore, net profit Rs 6 crore.

Market Opportunity for Meritto

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Over 1,200 education organisations served; present in UAE and Malaysia.
• Customers cited include Manipal University, Shiv Nadar University, NMIMS and PhysicsWallah.

Technology and Product at Meritto

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Cloud enrolment CRM and application platform.
• Mio AI agents for student-facing workflows.

Team and Culture at Meritto

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Naveen Goyal founder and CEO.
• Suraj Sapra co-founder and CSO per one profile.

Meritto Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Meritto

• Profitability only recent; FY24 profit near break-even.
• Product can be copied by rivals per one analyst.
• Heavy India and education-sector concentration.
• Info Edge partial exit via IPO.
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Meritto Growth Outlook: What to Watch

• IPO with Rs 375 crore fresh issue planned.
• Revenue and profit both growing in FY26.
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Meritto can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Meritto Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Meritto

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Meritto.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Meritto

Studying a company in the Edtech SaaS (admissions CRM) space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Meritto.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Meritto as a Startup

• Customer clarity: Can Meritto name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Meritto is part of India’s growing Edtech SaaS (admissions CRM) ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Meritto FAQs: Frequently Asked Questions

What is Meritto?

Meritto is the 2023 rebrand of NoPaperForms, a Gurugram-based Indian education SaaS company that sells enrolment automation, CRM and fee-collection tools to educational institutions. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Meritto?

Meritto was founded by Naveen Goyal, Suraj Sapra, and the company reports a founding year of 2017.

How much funding has Meritto raised?

About $5.35M over five rounds per one tracker (older data). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Meritto make money?

Meritto earns revenue from its Edtech SaaS (admissions CRM) products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Meritto?

Reported rivals include LeadSquared, Zoho CRM, SlideRoom, ExtraaEdge. See the competitor comparison above for how they differ.

What are the main risks for Meritto?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

Related Startup Deep Dives: Pierspace Technologies — short profile of what is publicly known | Deconstruct — Raised Rs 65 crore led by L’Oreal’s BOLD in January 2025; claims about Rs 200 crore annualised revenue. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.