GrayQuest Raises $9.3 Million in Series B Funding

Mumbai-based fintech startup GrayQuest has successfully raised INR 80 crore (approximately USD 9.3 million) in its Series B funding round, led by IIFL Fintech Fund, Claypond Capital, and existing investor Pravega Ventures. The funds will be used to enhance GrayQuest's technology platform and expand its reach to educational institutions across India, where it currently serves over 6,500 schools and universities. Founded in 2017 by Rishab Mehta, the company specializes in digitizing fee collection processes, offering flexible payment options to families. Mehekka Oberoi from IIFL noted that India's education sector, handling over USD 120 billion in fees annually, has seen little innovation, making GrayQuest's role crucial in modernizing payment systems. The startup previously raised USD 7 million in its Series A round earlier this year, indicating strong investor confidence in its growth potential. GrayQuest's innovative solutions aim to make education financing more accessible and efficient for families and institutions alike.