GrayQuest raises $9.3 Mn from IIFL Fintech Fund, Claypond and Pravega

Education loans-focused fintech startup GrayQuest has secured Rs 80 crore ($9.3 million) in its Series B equity funding round from IIFL Fintech Fund, Claypond Capital (Family Office of Ranjan Pai), and existing investor Pravega Ventures.

Entrackr exclusively reported on this funding in September of last year.

The Mumbai-based startup had previously raised $7 million in its Series A round in March last year, and $1.2 million in a pre-Series A round in August 2020.

GrayQuest will use the fresh funding to enhance its technology platform and significantly scale its distribution to educational institutions across the country, the company said in a press release.

Founded seven years ago, GrayQuest enables institutions to offer students and parents multiple tailored payment options, including a convenient monthly payment plan for annual education fees without any extra costs.

Led by Rishab Mehta, the company claims that more than 6,500 of India’s leading educational institutions, spanning both universities and K-12 schools, use its platform for fee payments.

For the fiscal year ending in March 2024, GrayQuest reported Rs 17.93 crore in revenue and a Rs 36.8 crore loss, according to startup data intelligence platform TheKredible.

Data compiled by TheKredible shows that GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months.