GrayQuest raises ₹80 cr. in Series B equity funding round

GrayQuest raises ₹80 crore in Series B funding to enhance technology platform and scale distribution in education ecosystem.

GrayQuest, a fintech company focused on building digital financial solutions for India’s education ecosystem, said it raised ₹80 crore ($9.3 million) in its Series B equity funding round. 

The equity funding was provided by IIFL Fintech Fund, Claypond Capital (Family Office of Dr. Ranjan Pai), and existing investor Pravega Ventures.

The company will utilise the funds to further enhance its technology platform and scale up its distribution to educational institutions across the country, it said.

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,” he added.

Mehekka Oberoi, fund manager, IIFL Fintech Fund said, “India’s education ecosystem is one of the world’s largest, with over $120 billion 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.”

“GrayQuest is revolutionising the education financing landscape, making it easier for families and institutions to manage payments with greater flexibility,” spokesperson, Pravega Ventures said adding  GrayQuest would lead the way in transforming embedded finance sector in India.