Fintech startup GrayQuest Bags Rs 80 Cr Funding

GrayQuest, a fintech startup, has raised Rs 80 crore (around $9.3 Mn) in a Series B funding round from IIFL Fintech Fund, Claypond Capital ( family office of Manipal Group’s Ranjan Pai) and Pravega Ventures.

Funfing Utilisation

The company plans to use the funds to improve Grayquest's technology platform and expand its reach to schools across the country. The goal is to digitize and simplify fee collection.

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Rishab Mehta, founder and CEO of GrayQuest, said, "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."

A spokesperson from Pravega Ventures praised GrayQuest for modernizing education financing in India, making payments easier for both families and institutions.

In 2023, GrayQuest raised $7 million in its Series A funding round led by Pravega Ventures with support from the family offices of Ashok Wadhwa and Yogesh Mahansaria.

About GrayQuest

The Mumbai-based GrayQuest was founded in 2017 by Rishab Mehta, it operates a fintech SaaS platform catering to both educational institutions and parents of students. 

For parents, the company offers flexible fee payment options like no-cost EMIs and auto-debit subscriptions. For educational institutions, it provides a SaaS platform to digitize fee collection and enable secure online payments.

The startup says it has partnered with over 6,500 schools, colleges, and universities. Its investors include the Pidilite family office, Weizmann, Kunal Shah's CRED, Anupam Mittal's Shaadi.com and others.

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