Mumbai, 13th January, 2024: GrayQuest, a fintech company focused on building digital financial solutions for India’s education ecosystem, has successfully secured Rs 80 Crore ($9.3M) in its latest Series B equity funding round. The company will utilize the funding proceeds to further enhance its technology platform and significantly scale its distribution to educational institutions across the country.
The equity funding was provided by IIFL Fintech Fund, Claypond Capital (Family Office of Dr. Ranjan Pai), and existing investor Pravega Ventures.
GrayQuest offers educational institutions a first of its kind, unified payments platform to enable them to digitize & boost their fee collection. It’s platform enables institutions to offer their students & parents multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without bearing any extra costs.
In its brief history, GrayQuest has not only pioneered this category but also established itself as the default partner of choice for India’s leading Schools and Higher Ed institutions for fee payments. Today, 6,500+ of India’s most respected education institutions across both Universities/Colleges and K12 School segments trust GrayQuest to power their fee payments.
Mehekka Oberoi, Fund Manager, IIFL Fintech Fund – “India’s education ecosystem is one of the world’s largest, with over $120B 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 and are thrilled to partner with them on this journey.”
Spokesperson, Pravega Ventures, “GrayQuest is revolutionizing the education financing landscape, making it easier for families and institutions to manage payments with greater flexibility. We’re truly excited about the growing potential of embedded finance in India, and it’s exciting to see GrayQuest lead the way in transforming this sector.”
Rishab Mehta, Founder & CEO, GrayQuest, “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.”
For more info www.grayquest.com
