Mumbai-based FinTech startup GrayQuest has raised Rs 80 crore ($9.3 million) in a Series B funding round, backed by IIFL Fintech Fund, Claypond Capital and existing investor Pravega Ventures. The fresh infusion of capital will be used to enhance its technology infrastructure, expand its distribution network, and strengthen its footprint across India’s educational institutions.
Founded by Rishab Mehta seven years ago, GrayQuest offers a seamless digital payments platform designed to simplify fee collection for schools, colleges and universities. The company’s flexible payment solutions, including zero-cost monthly tuition installments, make education more financially accessible for families. Currently, over 6,500 institutions across K-12 and higher education use GrayQuest to digitise fee payments.
For GrayQuest, this investment validates its vision.
“From introducing a disruptive approach to fee collection to becoming an essential solution for institutions across India, our journey has been incredible. We appreciate the trust of our investors and remain committed to build innovative solutions that benefit the entire education ecosystem,” said Rishab Mehta, Founder and Chief Executive Officer (CEO), GrayQuest.
Despite rapid expansion, the company remains in a growth phase, with strategic investments directed towards scaling technology and distribution. In FY24, GrayQuest reported Rs 17.93 crore in revenue alongside a loss of Rs 36.8 crore.
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