GrayQuest, a fintech company focused on building digital financial solutions for India’s education ecosystem, has raised ₹80 crore ($9.3 million) in its latest Series B equity funding round. The equity funding was provided by IIFL Fintech Fund, Claypond Capital (Family Office of Ranjan Pai), and existing investor Pravega Ventures.
The funds raised will be used to enhance its technology platform and significantly scale its distribution to educational institutions across the country.
GrayQuest had previously raised $7 million in its Series A round in March last year, and $1.2 million in a pre-Series A round in August 2020.
Rishab Mehta, Founder & CEO, GrayQuest said, “We have had quite a journey from the initial days of pitching a radically new way of collecting fees at institutions to our solutions slowly becoming a must-have for educational institutions across the country. We are thankful for the trust and conviction shown by some of India’s most respected investors to partner with us in this journey as we continue to focus our efforts on building innovative solutions that will make a significant positive impact to the lives of our customers across the education ecosystem.”
Mehekka Oberoi, Fund Manager, IIFL Fintech Fund, said, “India’s education ecosystem is one of the world’s largest, with over $120B of education fees paid annually. However, there has been little innovation in recent decades, especially compared to similar ecosystems that have embraced digital payments. We were impressed with the category leadership and the impact GrayQuest solutions were having on some of India’s leading institutions across the country and are thrilled to partner with them on this journey.”
Spokesperson, Pravega Ventures, said, “GrayQuest is revolutionizing the education financing landscape, making it easier for families and institutions to manage payments with greater flexibility. We’re truly excited about the growing potential of embedded finance in India, and it’s exciting to see GrayQuest lead the way in transforming this sector.”
Founded in 2017 by Rishab Mehta, GrayQuest is a Mumbai-based education-focused fintech company. GrayQuest offers educational institutions a unified payment platform to enable them to digitize & boost their fee collection. Its platform enables institutions to offer their students & parents multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without bearing any extra costs.
GrayQuest offers a suite of products spanning SAAS, payments and BNPL use cases for educational institutions across the country. Their primary offering is a monthly fee payment plan wherein students and parents can pay their education fee in bite-sized monthly payments at zero extra cost, and access a range of insurance and other benefits.
GrayQuest claims to work with more than 6,500+ educational institutions across both Universities/Colleges and K12 School segments accessing 2 million+ students across the country.
GrayQuest is backed by entrepreneurs including founders/CxOs of companies such as CRED, Udaan, Flipkart, OyO, Shaadi, Pidilite and many more.
