GrayQuest announces Series A equity funding round of Rs 56 crore

Prominent entrepreneurs who took part in the funding round include Kunal Shah and Miten Sampat of CRED, and Anupam Mittal of Shaadi.Com, among others. (Representative image)

GrayQuest, a fintech company focused on providing payment solutions for the education sector, has announced its Series A equity funding round of Rs 56 crore or $7 million, approximately.

The funding round was led by Pravega Ventures, with the participation of leading family investors such as the Weizmann Group, the Telama Family Office, and Apurva Parekh from the Pidilite Family Office.

Existing investors such as the family offices of Ashok Wadhwa, Founder of Ambit Capital, and Yogesh Mahansaria also invested in the funding round.

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Prominent entrepreneurs who took part in the funding round include Kunal Shah and Miten Sampat of CRED, Anupam Mittal of Shaadi.Com, David Piexoto of Isaac, Sujeet Kumar of Udaan, Abhishek Goyal of Traxcn, Nitin Gupta of UNI, Pravin Jadhav of Raise Financial Services, Aakrit Vaish of Haptik, and Dhyanesh Shah and Revant Bhate of Mosaic Wellness.

Rishab Mehta, Founder, GrayQuest, said: “Our data indicates Indian families consistently spend over >20% of their annual household income on their children’s education fees. Our range of payment and technology solutions has 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.”

Also read: GrayQuest raises $1.2 mn in pre-Series A funding

Vinay Menon, Co-Founder, Pravega Ventures, said: “... 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. We are excited to announce our investment with GrayQuest and are looking forward to its continued focus on solving for the customer in an ecosystem that is critical to India’s growth in the next few decades.”

GrayQuest offers educational institutions a unified payments platform to help them digitise and boost fee collection. The platform also offers several tailor-made payment options, including a convenient monthly payment option to pay annual education fees for no extra cost.

Also read: Digital payments: How they work, the cost of your transaction and other questions answered