GrayQuest, a Mumbai-based fintech company focused on digital financial solutions for the Indian education sector, has raised Rs 80 crore (around $9.3 million) in its latest Series B capital. funding round.
The investment comes from IIFL Fintech Fund, Claypond Capital (the family office of Dr Ranjan Pai) and existing backer Pravega Ventures. The company will use the new capital to upgrade its technology platform and expand its reach to educational institutions nationwide.
What does GrayQuest do?
Founded in 2017 by Rishab Mehta, GrayQuest has developed a unified payment platform that helps schools and colleges digitize fee collection. Its system offers students and parents several payment options, including an interest-free monthly payment plan for the annual fee.
According to the company, more than 6,500 K-12 and higher education institutions have adopted GrayQuest to streamline fee processing.
Rishab Mehta, Founder and CEO of GrayQuest, “We have come a long way from the early days when we introduced a radically new way of collecting fees at establishments to our solutions slowly becoming a must-have for establishments. education across the country. We are grateful for the trust and conviction shown by some of India’s most respected investors to partner with us on this journey as we continue to focus our efforts on creating innovative solutions that will have a significant positive impact about the lives of our customers in the education sector. ecosystem. »
Investor commentary
Mahekka Oberoi, Fund Manager, IIFL Fintech Fund – “India’s education ecosystem is one of the largest in the world, with over $120 billion in education fees paid every year. However, there has been little innovation in recent decades, especially compared to similar ecosystems that have adopted digital payments. We have been impressed by the category leadership and impact of GrayQuest solutions on some of India’s leading institutions across the country and are excited to partner with them on this journey.
Spokesperson for Pravega Ventures, “GrayQuest is revolutionizing the education financing landscape, making it easier for families and institutions to manage payments with greater flexibility. We are truly excited about the growing potential of embedded finance in India, and it is exciting to see GrayQuest leading the way in transforming this sector.