GrayQuest announces its Series A Equity Funding Round of Rs 56 Crore ($7M).

GrayQuest, a fintech company focused on providing payment solutions for India’s education ecosystem, has announced its Series A equity funding round of Rs 56 Crore ($7M).

The round was led by Pravega Ventures, with participation from leading family investors such as Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office). Existing investors such as the family offices of Ashok Wadhwa (Founder – Ambit Capital) & Yogesh Mahansaria also invested in the funding round.

Prominent entrepreneurs such as Kunal Shah & Miten Sampat (CRED), Anupam Mittal (Shaadi.Com), David Piexoto (Isaac), Sujeet Kumar (Udaan), Abhishek Goyal (Traxcn), Nitin Gupta (UNI), Pravin Jadhav (Raise Financial Services), Aakrit Vaish (Haptik) and Dhyanesh Shah & Revant Bhate (Mosaic Wellness) also participated in the funding round.

GQ offers educational institutions a first of its kind, unified payments platform to enable them to digitize & boost their fee collection. GQ’s platform enables institutions to offer their parents multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without bearing any extra costs.

GQ is powering education fee payments for 5,000+ of India’s most renowned education institutions (Schools, Universities and Coaching Classes) serving >3M+ students across the country. In a testament to it’s widespread adoption amongst leading educational institutions, each one of India’s largest Top 10 Chain School Networks use GQ’s platform to enable multiple fee payment options for their parents.

GrayQuest will utilize the proceeds to further enhance its product offerings and scale distribution across the education ecosystem.

Rishab Mehta, Founder, GrayQuest, “Our data, across multiple cohorts, indicates Indian families consistently spend over >20% of their annual household income on their children’s education fees (across schools & higher education). Our range of payment & technology solutions have demonstrated tremendous positive results for both parents & educational institutions relating to education fee payments. We are excited to welcome some of India’s most respected investors to join our journey as we transform & digitize the education payments landscape in India.”

Vinay Menon, Co-Founder, Pravega Ventures, “India’s education ecosystem is one of the world’s largest with approx. $100B of education fees paid annually. However, we found it to be surprisingly underserved in terms of the payment solutions available for the ecosystem. GQ is solving acute pain points relating to fee collection & payments for both the primary stakeholders in this ecosystem – educational institutions and parents/students. In its brief history, GQ has not only pioneered this category, but become the default partner of choice for India’s leading Schools and Higher Education institutions. We are excited to announce our investment with GrayQuest and are looking forward to its continued focus on solving for the customer in an ecosystem that is critical to India’s growth in the next few decades.”

GQ is powering education fee payments for 5000+ of India’s most renowned education institutions (Schools, Universities and Coaching Classes) serving over 3M+ students across the country covering the largest top 10 chain school networks. www.grayquest.com