GrayQuest secures Rs 80 crore in series B funding to expand digital fee solutions

Currently, over 6,500 educational institutions use GrayQuest’s services.

Fintech firm GrayQuest has raised ₹80 crore ($9.3 million) in its Series B equity funding round from IIFL Fintech Fund, Claypond Capital (the family office of Dr. Ranjan Pai), and existing investor Pravega Ventures.

The company plans to use the funds to enhance its technology platform and expand its reach across educational institutions in India. GrayQuest provides a digital payments platform that enables schools and colleges to streamline fee collection, offering flexible payment options, including monthly installments at no extra cost.

Currently, over 6,500 educational institutions use GrayQuest’s services. Investors cited the platform’s growing role in digitizing India's $120 billion education payments sector as a key factor in their backing.