NoPaperForms raises Rs 28 crore in Series B funding from Info Edge
NoPaperForms Solutions Pvt Ltd, which runs an enrolment management platform for educational institutes, has raised Rs 28 crore in a Series B funding round in an all-cash deal from existing investor Info Edge (India) Ltd, valuing the company at Rs 100 crore.
Post this round, Info Edge will increase its stake to 48.1% in NoPaperForms. In November 2017, Info Edge had invested Rs 5.66 crore in an all-cash deal and picked up 27.92% stake in the New Delhi-based startup.
The fresh capital will be used by the company to expand its business development, deploy teams and strengthen its technology infrastructure and product line.
Naveen Goyal, Founder and Chief Executive of NoPaperForms, said, "The latest investment round valued the company at Rs 100 crore ($14.23 million at current rates)."
"Offering programmes like digital marketing and then asking students to apply in a paper application is an anomaly that must go. Educational institutions in the country are at a tipping point with respect to digital transformation," he added.