back Back

India’s GrayQuest raises $9.3m in its Series B equity funding round

By Gloria Mathias

January 13, 2025

  • Claypond Capital
  • Digital Finance
  • Digital Payments
Share

GrayQuest, FinTech news, FIntech Solutions, Education Payments, Digital Payments, Digital Finance,GrayQuest, a FinTech company focused on building digital financial solutions, has secured $9.3 million (INR 80 crore) in its latest Series B equity funding round.

The company will utilise the proceeds of the funding to enhance its technology platform and significantly expand its distribution to educational institutions across the country. The equity funding was provided by IIFL Fintech Fund, Claypond Capital (Family Office of Dr Ranjan Pai), and existing investor Pravega Ventures.

GrayQuest offers educational institutions a unified payment platform to enable them to digitise and boost their fee collections. The platform allows institutions to provide their students and parents with multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without incurring any extra costs.

Mehekka Oberoi, Fund Manager of IIFL Fintech Fund, shared, “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.”

Spokesperson Pravega Ventures said, “GrayQuest is revolutionising 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.”

Rishab Mehta, Founder & CEO of GrayQuest, stated, “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 on the lives of our customers across the education ecosystem.”

Previous Article

January 13, 2025

Transcard forays into Canada with B2B & B2C payments solution

Read More
Next Article

January 13, 2025

SUNRATE launches new Treasury Solutions for businesses worldwide

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 05, 2025

Tap, pay, spend: How digital payments are surging in Southeast Asia & India

Read More

February 05, 2025

Al Fardan Exchange, Visa launch real-time global remittance service

Read More

February 05, 2025

PRECISION and FinMont partner to combat payment fraud in travel

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More