GrayQuest, a Mumbai-based fintech company, has raised ₹80 crore ($9.3 million) in its Series B funding round. The investment came from IIFL Fintech Fund, Claypond Capital, and Pravega Ventures. GrayQuest provides a digital platform for educational fee payments, allowing schools and colleges to collect fees efficiently.
It offers flexible payment options, including interest-free monthly instalments. With over 6,500 educational institutions using its services, GrayQuest aims to expand its reach and improve its technology. Investors believe the platform is transforming India’s $120 billion education payments sector by making transactions easier for both institutions and families.
What is GrayQuest?
GrayQuest is a Mumbai-based fintech company that provides a digital payment platform for educational institutions. It helps schools, colleges, and universities streamline fee collection by offering flexible payment options, including interest-free monthly instalments.
Founded in 2017 by Rishab Mehta, GrayQuest aims to make education payments easier and more accessible for students and parents. The platform is currently used by over 6,500 educational institutions across India. By digitizing the fee payment process, GrayQuest is playing a key role in modernizing India’s $120 billion education payments sector.
Why is This Funding Significant?
The ₹80 crore ($9.3 million) funding is a major milestone for GrayQuest as it will help the company enhance its technology and expand its services to more educational institutions across India. With the country’s education sector handling over $120 billion in annual fees, the demand for digital payment solutions is growing rapidly.
GrayQuest is at the forefront of this transformation, making fee payments more flexible and accessible. The investment from IIFL Fintech Fund, Claypond Capital, and Pravega Ventures reflects strong confidence in the company’s business model and growth potential.
Additionally, in a competitive market with players like Leap, Financepeer, and Eduvanz, this funding strengthens GrayQuest’s position as a leading fintech player in education payments.
How Will the Funds Be Used?
GrayQuest plans to use the ₹80 crore ($9.3 million) funding to enhance its technology platform and expand its reach across educational institutions in India. The company aims to improve its digital payment system, making fee collection more seamless for schools, colleges, and universities.
Additionally, the funds will help GrayQuest scale its services to more institutions, ensuring that students and parents have access to flexible payment options, including interest-free monthly instalments. By investing in technology and distribution, GrayQuest seeks to strengthen its role in digitizing India’s education payments sector and improving financial accessibility for families.
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Founders’ Perspective
GrayQuest’s founder and CEO, Rishab Mehta, sees this funding as a crucial step in the company’s journey to revolutionize education payments in India.
Mehta believes that the fresh funding will help GrayQuest expand further and strengthen its technology, ultimately making education payments more accessible and convenient for students and parents across India.
Key Takeaways
- Funding Amount & Investors – GrayQuest raised ₹80 crore ($9.3 million) in Series B funding from IIFL Fintech Fund, Claypond Capital (Ranjan Pai’s family office), and Pravega Ventures.
- Purpose of Funding – The funds will be used to enhance GrayQuest’s technology platform and expand its reach to more educational institutions across India.
- Company’s Growth & Impact – Founded by Rishab Mehta in 2017, GrayQuest provides a digital fee payment platform that allows schools and colleges to streamline fee collection and offer interest-free monthly installment plans.
- Industry Significance – Investors highlight the $120 billion Indian education payments sector and GrayQuest’s role in digitizing and modernizing this space.
- Investor & Founder Confidence – Investors see GrayQuest as a leader in education finance, while Rishab Mehta expresses gratitude, stating that the company’s solutions are becoming a “must-have” for institutions across India.
Conclusion
GrayQuest’s successful ₹80 crore ($9.3 million) funding round marks a significant step in its growth journey. With a strong focus on digitizing education payments, the company plans to enhance its technology and expand its reach across India. Currently serving over 6,500 educational institutions, GrayQuest aims to simplify fee payments with flexible, interest-free options for students and parents.
Backed by leading investors, the company is well-positioned to drive innovation in the $120 billion education payments sector. Looking ahead, GrayQuest will continue to scale its operations and introduce more financial solutions to support institutions, students, and families.
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