GrayQuest, India’s largest education-focused fintech startup offering a suite of products spanning SaaS, payments and BNPL use cases for educational institutions nationwide, has raised $7 million (INR 56 crore) as part of its Series A equity funding round led by Pravega Ventures.
The round also witnessed participation from family investors such as Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office), and existing investors such as the family offices of Ashok Wadhwa (Founder – Ambit Capital) and Yogesh Mahansaria. Prominent entrepreneurs such as Kunal Shah and Miten Sampat (CRED), Anupam Mittal (Shaadi.Com), David Piexoto (Isaac), Sujeet Kumar (Udaan), Abhishek Goyal (Traxcn), Nitin Gupta (UNI), Pravin Jadhav (Raise Financial Services), Aakrit Vaish (Haptik) and Dhyanesh Shah & Revant Bhate (Mosaic Wellness) also joined in the fundraise.
According to the company’s statement, it plans to utilise the fresh capital to enhance its product offerings and scale distribution across the education ecosystem.
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Started by Rishab Mehta in 2017, GrayQuest offers educational institutions a unified payment platform to digitise and boost their fee collection. It also enables institutions to provide multiple tailor-made payment options to the parents of the students, including a convenient monthly payment option to pay annual education fees without bearing any extra costs.
The Mumbai-based company claims to serve over 5,000 education institutions and over 3 million students nationwide, including the top 10 chain school networks.
Last December, GrayQuest raised $3.75 million (INR 30.95) in a Series A round led by Pravega Ventures with the participation of VIC Enterprises, Stallion Ventures, and existing backers. Before that, the startup had raised $1.2 million in a pre-Series A funding round led by Foundation Holdings. Mahansaria Family Office, Jeejeebhoy Family Office, Ashok Wadhwa’s Family Office, Samir Bhatia, and Rohit Dhoot, amongst others, also participated in this capital raised.