Mumbai-based fintech startup GrayQuest has raised ₹80 crore ($9.3 million) in its Series B equity funding round. The funding was led by IIFL Fintech Fund and Claypond Capital (Family Office of Ranjan Pai), along with participation from existing investor Pravega Ventures.
This latest funding comes after GrayQuest’s Series A round in March 2023, where the company secured $7 million, and a pre-Series A round in August 2020 that raised $1.2 million.
The fresh capital will be used to enhance GrayQuest’s technology platform and significantly scale its distribution network across India’s educational institutions, the company announced in a press release.
Founded in 2017 by Rishab Mehta, GrayQuest provides innovative fee payment solutions, enabling educational institutions to offer students and parents flexible, customized payment plans. These plans include convenient monthly payment options for annual education fees without any additional costs.
Currently, more than 6,500 educational institutions across India—including universities and K-12 schools—use GrayQuest’s platform for managing fee payments. The startup’s tailored solutions aim to ease financial pressure on families while improving fee collection efficiency for institutions.
With this funding, GrayQuest is poised to further expand its footprint in the education sector, solidifying its position as a leader in fee financing and payment solutions in India.
