India’s GrayQuest raises $9.3m in its Series B equity funding round

By Gloria Mathias

GrayQuest, a FinTech company focused on building digital financial solutions, has secured $9.3 million (INR 80 crore) in its latest Series B equity funding round.

The company will utilise the proceeds of the funding to enhance its technology platform and significantly expand 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 unified payment platform to enable them to digitise and boost their fee collections. The platform allows institutions to provide their students and parents with multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without incurring any extra costs.

Mehekka Oberoi, Fund Manager of IIFL Fintech Fund, shared, “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 said, “GrayQuest is revolutionising 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 of GrayQuest, stated, “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 on the lives of our customers across the education ecosystem.”