The Mumbai-based company plans to use the funds to improve its technology platform and expand its reach to more educational institutions across the country, its founder and CEO said. Rishab Mehta ET said.
This funding follows GrayQuest’s Rs 56 crore (around $7 million) Series A round in March 2023, led by Pravega Ventures, with participation from family investors such as Weizmann Group, Telama Family Office and Apurva Parekh from the Pidilite Family Office.
Founded in 2017 by Rishab Mehta, GrayQuest offers educational institutions a platform to digitize fee collection while providing students and parents with multiple payment solutions. These include equated monthly installments (EMI) and a subscription model where fees are automatically debited from the parent’s account.
Customers can pay fees using methods such as debit cards, credit cards and online banking, with GrayQuest facilitating institutional discounts for upfront payments.
The company started its operations by collaborating with educational institutions to offer no-cost EMI solutions to pay school, college and other educational fees in India. This approach aims to make education more affordable by allowing families to spread the cost over monthly payments instead of paying large lump sums up front.
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“The main idea behind the company is to streamline and digitize fee payment, making it more efficient for educational institutions and on the same spectrum, making payment easier and more convenient for parents” , Mehta said. Currently, GrayQuest serves more than 6,500 people. educational institutions in schools, colleges and universities, reaching approximately 5 million students. Its clients include educational institutions such as Podar International School, BITS Pilani, Narayana Group of Schools and Amity University, among others.