GrayQuest, an education-focused fintech startup, has raised $7 million (Rs 56 crore) in a Series A funding round led by Pravega Ventures.

Weizmann Group, Telama Family Office, Apurva Parekh (Pidilite Family Office) and existing investors such as the family offices of Ashok Wadhwa (Ambit Capital) and Yogesh Mahansaria also participated in the funding round.

 As per the startup, the raised funds will be used to enhance its product offerings further and scale distribution across the education system.

GrayQuest | Education Focused Fintech Startup

Founded by Rishab Mehta in 2017, GrayQuest is an education focused fintech startup that offers a suite of products spanning SAAS, payments and BNPL use cases for educational institutions across the country.

The startup is focused on providing payment solutions for educational institutions by providing a unified payments platform to digitize & boost their fee collection. 

Speaking about the development, Rishab Mehta, the founder of GrayQuest, said,

“Our range of payment and technology solutions have demonstrated tremendous positive results for both parents and educational institutions relating to education fee payments. We are excited to welcome some of India’s most respected investors to join our journey as we transform and digitise the education payments landscape in India.”

GrayQuest enables the institutes to offer multiple options to make payments for their annual fees without extra costs. The education focused fintech startup claims to serve 5,000 schools across India and handle up to 3 million students by way of the same. 

Commenting on the development, Vinay Menon, the co-founder of Pravega Ventures, said, 

“India’s education ecosystem is one of the world’s largest, with approximately $100 billion of education fees paid annually. However, we found it to be surprisingly underserved in terms of the payment solutions available for the ecosystem. GQ is solving acute pain points relating to fee collection and payments for both the primary stakeholders in this ecosystem – educational institutions and parents/students.” 

With increasing internet penetration, several Indian fintech startups across categories are working with a mission to drive payments digitalization and broaden access to financial tools for the people of India.

Earlier in January, PhonePe raised $350 million in funding from global growth equity firm General Atlantic at a pre-money valuation of $12 billion to invest in infrastructure, including the development of data centres and helping build financial services offerings at scale in the country. 

Also, Bengaluru-based fintech startup BankSathi raised $4 million in pre-Series A funding from Kotak Securities, We Founder Circle, Hem Securities, Lets Venture, and Inflection Point Ventures.

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