GrayQuest raises $1.2 mn in pre-Series A funding
GrayQuest helps parents pay their children’s school fees in 12 EMIs.
August 17, 2020 / 03:31 PM IST
GrayQuest, an education-focused fintech company, has raised $1.2 million in pre-series A funding round led by Foundation Holdings, a strategic global investment firm to increase access to affordable education in India.
Mahansaria Family Office, Jeejeebhoy Family Office, Ambit Capital founder Ashok Wadhwa’s Family Office, fintech lending company SMECorner founder Samir Bhatia and angel investor Rohit Dhoot amongst others also participated in the round.
GrayQuest enables parents to pay their annual education fees in up to 12 monthly instalments, instead of quarterly or annual payments, without incurring any extra cost. Additionally, parents and students paying through the platform get access to a student-focused privilege program and complimentary insurance protection for their lifetime education fees, said the company in a press note today.
The startup has set an aim to become the default method of paying education fees for the 100 million plus learners studying in private sector education institutions.
The company enables access to education in an affordable manner to more than 2.5 lakh students, while ensuring liquidity support for partner institutions, said founder Rishabh Mehta.
Given that Indian households spend around 24 percent of the total annual income in education, it is a priority for the families and is a space where financial support mechanisms will get adopted fast, he said.
“With more than $100 billion being spent on education by Indian households, we believe there is a massive opportunity for GrayQuest to continue to build tailored financial products for all stakeholders in India’s education ecosystem,” said Aakash Sachdev, managing director, Foundation Holdings.