GrayQuest, a Mumbai-based fintech startup, has secured INR 80 crore (approximately $9.3 million) in its Series B funding round.
The round was led by IIFL Fintech Fund and Claypond Capital, the family office of Ranjan Pai of the Manipal Group, with participation from existing investor Pravega Ventures.
The funds will be utilized to enhance GrayQuest’s technology platform, expand its distribution network, and onboard more educational institutions.
Founded in 2017 by Rishab Mehta, GrayQuest provides a fintech SaaS platform that offers flexible fee payment solutions for parents and digitized fee collection for educational institutions.
Parents benefit from options such as no-cost EMIs and auto-debit subscriptions, while institutions like schools, colleges, and universities can transition to secure online payments. The platform is already in use by over 6,500 leading educational institutions in India, spanning universities and K-12 schools.
Expressing gratitude for the investment, CEO Rishab Mehta stated,
“We are thankful for the trust shown by India’s most respected investors. This funding will help us build innovative solutions that create a significant positive impact across the education ecosystem.”
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The funding follows GrayQuest’s Series A round in 2023, where the startup raised $7 million, led by Pravega Ventures and other notable family offices.
With the latest funding, the startup is positioned for further growth and to simplify fee management across the ecosystem.
