Mumbai, India – GrayQuest, a leading fintech company dedicated to developing digital financial solutions for India’s education sector, has raised ₹80 crore ($9.3 million) in its Series B equity funding round. The funding will enable GrayQuest to enhance its technology platform and expand its reach to educational institutions nationwide, solidifying its position as a pioneer in education financing.
Key Investors in Series B Funding
The funding round was led by:
- IIFL Fintech Fund
- Claypond Capital, the family office of Dr. Ranjan Pai
- Pravega Ventures, an existing investor in the company
Transforming Education Payments in India
GrayQuest aims to modernize the $120 billion Indian education ecosystem, where education fees are primarily managed through traditional payment methods. By introducing digital payment solutions, GrayQuest simplifies fee management for both families and educational institutions, providing greater flexibility and convenience.
Investor Insights
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund, highlighted the importance of innovation in education financing:
“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.”
A spokesperson from Pravega Ventures emphasized GrayQuest’s role in transforming the sector:
“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.”
GrayQuest’s Vision and Growth
Since its inception, GrayQuest has introduced innovative solutions for fee management that have become essential for educational institutions across India. Rishab Mehta, Founder and CEO of GrayQuest, reflected on the company’s journey:
“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.”
Strategic Use of Funds
The Series B funding will be allocated to:
- Technology Enhancement: Upgrading GrayQuest’s platform to provide a seamless user experience.
- Distribution Expansion: Scaling its reach to more educational institutions nationwide.
- Innovation in Embedded Finance: Developing new financial solutions tailored to the education sector.
Why GrayQuest Matters
With an education sector ripe for digital transformation, GrayQuest stands out as a leader in embedded finance for education. Its solutions have already gained traction among some of India’s top educational institutions, simplifying fee collection and improving accessibility for families.
The Future of Education Financing
GrayQuest’s success highlights the potential for innovation in India’s education ecosystem. By addressing the challenges of traditional fee management, the company is paving the way for a digitally empowered education sector, ensuring that institutions and families benefit from flexibility, efficiency, and ease of payment.
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