EdFin Leader GrayQuest Gears Up for Growth with INR 80 Cr Series B Funding With the fresh funds, the Mumbai-based education focused fintech brand aims to enhance its technology platform and expand its distribution network across educational institutions in India.
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Mumbai-based education loans-focused fintech startup GrayQuest has raised INR 80 crore (approximately USD 9.3 million) in its Series B equity funding round, led by IIFL Fintech Fund, Claypond Capital (Family Office of Ranjan Pai), and existing investor Pravega Ventures.
The platform plans to leverage this funding to enhance its technology platform and expand its distribution network across educational institutions in India.
Founded in 2017 by Rishab Mehta, GrayQuest offers a unified payments platform designed specifically for educational institutions. This platform digitises fee collection processes and provides families with flexible payment options, including monthly payment plans for annual fees without additional costs.
Today, over 6,500 educational institutions, spanning K-12 schools and higher education institutions, utilise GrayQuest's services to streamline their fee payments.
Rishab Mehta, Founder and CEO, GrayQuest, said, "We have had quite a journey from pitching a radically new way of collecting fees to becoming a must-have solution for institutions nationwide. This funding will help us build more innovative solutions and positively impact the education ecosystem."
This latest round builds on GrayQuest's prior funding milestones, including USD 7 million raised in its Series A round in March 2023 and USD 1.2 million in a pre-Series A round in August 2020.
Pravega Ventures, one of the investors, highlighted, "GrayQuest is revolutionising the education financing landscape by offering greater flexibility to families and institutions. We're excited to see them lead the embedded finance space in India."
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund, added, "India's education ecosystem handles over USD 120 billion in fees annually, yet innovation in this sector has been minimal. GrayQuest's category leadership and impact impressed us, and we're thrilled to partner with them."
