Paper Arizona, a paper-tech startup, has crossed the Rs 100 crore revenue milestone for the financial year 2024–25. The company now plans to go public with an IPO in the second half of 2026 to raise Rs 50 crore for its next phase of growth.
The startup is targeting a revenue of Rs 130 crore in the current fiscal and has already begun preparations for the IPO, including due diligence and IPO-readiness.
“We’re on track to hit Rs 130 crore in the current fiscal year and are now gearing up for our IPO, which we believe will power our next chapter of growth expansion,” said Ankitt Jain, co-founder and chief executive officer of Paper Arizona.
Eyeing global expansion, with Middle East entry by 2030
Paper Arizona has received Rs 5 crore in government grants so far and serves over 3,500 trusted buyers. With the proposed IPO, it plans to use the Rs 50 crore raised to upgrade warehousing infrastructure and launch a new line of bamboo-based sustainable B2C products.
Currently active in over 10 cities across North India, the company aims to deepen its presence in the region before expanding to Eastern and Western India. It also plans to enter international markets, including the Middle East, by 2030.
Bridging the gap in a fragmented industry
Founded in December 2022, the New Delhi-based startup has quickly emerged as India’s top B2B marketplace for paper, pulp, packaging, and allied products. In less than three years, the bootstrapped company, formally known as Thirumals Paper Arizona, has made its mark in a traditionally unorganised and underserved sector.
The Indian paper industry has long struggled with price fluctuations, poor supply chain transparency, and limited use of technology. Paper Arizona offers a real-time, tech-driven platform that enables businesses to buy and sell paper and related products with ease.