The New Delhi-headquartered paper-tech startup Paper Arizona, which operates a dedicated B2B marketplace for paper, pulp, packaging, and allied products, has announced that it has crossed the ₹100 crore annual revenue mark in FY 2024-25.
The bootstrapped company, formally registered as Thirumals Paper Arizona, also revealed its plans to go public with an initial public offering (IPO) listing in the second half of 2026 (H2 CY2026), as it gears up for an aggressive growth phase in the near future.
Founded in December 2022, Paper Arizona has created a disruptive, first-of-its-kind platform tailored for a traditionally fragmented and technologically underserved sector. The Indian paper industry has long grappled with issues like price volatility, opaque supply chains, and lack of digitization and technology integration.
Paper Arizona says it addresses these gaps by offering a tech-led, real-time marketplace where today’s enterprise buyers and sellers can seamlessly connect, negotiate, and transact across a wide array of paper-related products, thereby transforming how contemporary Indian businesses buy and sell paper and related products.
“We have built Paper Arizona from the ground-up, and we’re thrilled and proud to surpass the ₹100-crore turnover milestone for our company in less than three years – a huge validation and testament to our mission and success journey. Today, we are profitable, and trusted by numerous leading corporates in the country across FMCG, publishing, printing and packaging sectors. We are on track to hit ₹130 crore in the current fiscal, 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, Paper Arizona.
Notably, Paper Arizona has raised ₹5 crore in government grants to date, and is working with 3,500 trusted buyers. The company has been, of late, undergoing IPO-readiness and due diligence assessments with multiple certified agencies.
Following positive evaluations (and go-ahead for IPO) received from these agencies’ reports, Paper Arizona aims to raise approximately ₹50 crore through its IPO next year. The funds will be strategically directed by them towards growth and scaling operations, including upgrading warehousing infrastructure, and launch of a new line of sustainable B2C retail products made from bamboo.
“Our groundbreaking platform has been built upon the core pillars of transparency, quality excellence, and tech-led convenience. Another key differentiator is our strong commitment to sustainability – evident in our active push for FSC-certified paper products and environmentally responsible sourcing practices,” Ankitt Jain said, adding, “Our upcoming IPO is poised to give us immense scale, value, credibility, and momentum to grow exponentially and continue to further streamline India’s paper and paper-allied supply chain.”
Currently active in over 10 cities across North India, Paper Arizona would be attempting to strengthen its regional footprints in North India and dominate its key markets, before expanding into select markets across Eastern and Western India in the coming years. Thereafter, by 2030, Paper Arizona aspires to enter into international markets, starting with the Middle East. Bolstered by the IPO fundraise, the company also plans to grow its client base significantly and increase its yearly revenue by 3-4x in the coming years.
Spearheading Paper Arizona’s phenomenal growth is its CEO, Ankitt Jain – a fourth-generation entrepreneur hailing from a legacy paper business family. After witnessing firsthand, the challenges and inefficiencies in India’s traditional procurement systems and the lack of a unified B2B platform in a fast-growing market, he launched Paper Arizona with a mission to modernize the paper industry. With a secure, reliable, one-stop marketplace offering all things paper-related, he envisioned making enterprise procurement of paper products as easy and seamless as ordering from Amazon.
Besides running his entrepreneurial venture Paper Arizona, Ankitt is also a noted start-up ecosystem mentor and angel investor who has guided over 150 start-up founders till date, as well as invested in 18+ burgeoning start-ups such as Shiplog, Oopar Club, Healspan, Urja Sathi, Aptizeo, Double Space, and others.
Paper Arizona’s platform enables enterprises to buy and sell a wide variety of products such as copier paper, duplex boards, FBB, colored and specialty paper, and many more.
