GrayQuest, a business that works with educational institutions to split fees into equal monthly payments, announced on Thursday that it has raised Rs 56 crore (about $7 million) in its Series A fundraising round.
According to a release, Pravega Ventures led the round, including participation from family investors such as Weizmann Group, Telama Family Office, and Apurva Parekh from the Pidilite Family Office. Additional investors included Kunal Shah, the creator of Cred, Anupam Mittal, the founder of Shaadi.com, and Sujeet Kumar, the founder of Udaan, among others.
Ashok Wadhwa, founder of Ambit Capital, and Mahansaria Tyres managing director Yogesh Mahansaria’s family offices were among the returning investors. GrayQuest, which has 200 staff spread across Mumbai and Bangalore, began managing fee payments for its partner institutes last year.
GrayQuest wants to use the new cash to expand its product offerings and scale distribution across the education ecosystem as it prepares to enter the education loan market.
GrayQuest, founded in 2017 by Mehta and bootstrapped until 2020, provides educational institutions with a single payments platform to help them digitise and increase fee collection.
