GrayQuest raises Rs 80 Cr in Series B funding round
The company plans to utilise the capital to further enhance its technology platform and significantly scale its distribution to educational institutions across the country.
Fintech startup has raised Rs 80 crore ($9.3 million) in its latest Series B equity funding round.
The fintech company, which focuses on building digital financial solutions for India's education ecosystem, has bagged the funding from IIFL Fintech Fund, Claypond Capital (Family Office of Dr. Ranjan Pai), and existing investor Pravega Ventures.
The company plans to utilise the capital to further enhance its technology platform and significantly scale its distribution to educational institutions across the country.
“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,” said Rishab Mehta, Founder and CEO, GrayQuest.
Founded by Rishab Mehta in 2017, the Mumbai-based startup offers educational institutions a unified payments platform to enable them to digitize and boost their fee collection. Its platform enables institutions to offer their students and parents multiple payment options, including a monthly payment option to pay their annual education fees without bearing any extra costs.
“India’s education ecosystem is one of the world’s largest, with over $120 billion 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,” added Mehekka Oberoi, Fund Manager, IIFL Fintech Fund.
Edited by Jyoti Narayan