The Series A funding round was led by Pravega Ventures and also saw participation from existing investors such as the family offices of Ashok Wadhwa and Yogesh Mahansaria
GrayQuest will utilise the fresh capital to enhance its product offerings and scale distribution across the education ecosystem
The startup, backed by angel investors like Kunal Shah and Anupam Mittal, offers educational institutions a unified payments platform to digitise and boost their fee collection
Fintech startup GrayQuest has raised $7 Mn (INR 56 Cr) in its Series A equity funding round led by Pravega Ventures. The funding round also saw participation from existing investors such as the family offices of Ashok Wadhwa, founder of Ambit Capital, and Yogesh Mahansaria, managing director of Mahansaria Tyres.
The round also saw participation from family investors such as Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office).
In a statement, GrayQuest said it will utilise the fresh capital to enhance its product offerings and scale distribution across the education ecosystem.
Founded in 2017 by Rishab Mehta, GrayQuest offers educational institutions a unified payments platform to digitise and boost their fee collection. The platform also enables institutions to offer multiple tailor-made payment options to the parents of the students, including a convenient monthly payment option to pay annual education fees without bearing any extra costs.
The startup claims to serve over 5,000 education institutions and over 3 Mn students across the country, including the top 10 chain school networks.
GrayQuest is backed by prominent angel investors like CRED founder Kunal Shah, Dhan founder Pravin Jadhav, and Shaadi.com founder Anupam Mittal.
The funding announcement comes a day after another fintech startup, Mintifi, raised $110 Mn (INR 902 Cr) as part of its Series D funding round led by Premji Invest. The funding round also saw participation from existing investors Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC), among others.
Recently, fintech startup Mintoak also raised $20 Mn in a Series A funding round led by PayPal Ventures.
The funding deals come at a time when the Indian startup ecosystem is plagued by the funding winter. The funding raised by Indian startups declined 28.53% month-on-month (MoM) and 81% year-on-year (YoY) to $693.47 Mn in February 2023.
Indian fintech startups raised the highest funding at $289 Mn in February, followed by consumer services startups at $130 Mn, and enterprisetech startups at $66 Mn.
