The funding round saw participation from IIFL Fintech Fund, Claypond Capital, and existing investor Pravega Ventures
The Mumbai-based startup plans to deploy the fresh capital to boost its tech stack, scale up its distribution network and onboard more educational institutes
Founded in 2017 by Rishab Mehta, GrayQuest operates a fintech SaaS platform catering to both educational institutions and parents of students
Fintech startup GrayQuest has raised INR 80 Cr (around $9.3 Mn) in its Series B round, which saw participation from IIFL Fintech Fund, Claypond Capital (family office of Manipal Group’s Ranjan Pai), and existing investor Pravega Ventures.
The Mumbai-based startup plans to deploy the fresh capital to boost its tech stack, scale up its distribution network, and onboard more educational institutes on its platform.
Founded in 2017 by Rishab Mehta, GrayQuest operates a fintech SaaS platform catering to both educational institutions and parents of students.
On the B2C side, it offers flexible fee payment options for parents via offerings such as no cost EMIs and auto-debit subscriptions. On the B2B side, it sells a full-stack SaaS platform that enables educational institutions to digitise fee collection and offer secure online payments.
The startup claims to have partnered with more than 6,500 institutes, including schools, colleges and universities. The fintech platform is backed by investors such as Pidilite family office, Weizmann, CRED’s Kunal Shah, Shaadi.com’s Anupam Mittal, among others.
Commenting on the fundraise, GrayQuest founder and CEO Mehta said, “… 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”.
Prior to this, GrayQuest raised $7 Mn in its Series A round led by Pravega Ventures along with the family offices of Ashok Wadhwa and Yogesh Mahansaria in 2023.
The fundraise comes at a time when the Indian fintech sector continues to be a darling of investors. As per Inc42 data, fintech emerged as the most funded sector in 2024, despite the funding raised by fintech ventures plunging 19% year-on-year (YoY) to $2.5 Bn.
Meanwhile, the total deal count rose 23% to 162 in 2024 from 132 in 2023, and the sector witnessed six mega deals last year.
As per Inc42, the Indian fintech sector is projected to be a $2.1 Tn market opportunity by 2030.
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