The Mumbai-based company plans to use the funds to enhance its technology platform and expand its reach to more educational institutions across the country, founder and CEO Rishab Mehta told ET.
This funding follows GrayQuest’s Rs 56 crore (around $7 million) Series A round in March 2023, which was led by Pravega Ventures, along with participation from family investors such as Weizmann Group, Telama Family Office, and Apurva Parekh from the Pidilite Family Office.
Founded in 2017 by Rishab Mehta, GrayQuest offers educational institutions a platform to digitise fee collection while providing students and parents with multiple payment solutions. These include equated monthly installments (EMIs) and a subscription model where fees are automatically debited from the parent’s account.
Customers can pay fees using methods such as debit cards, credit cards and net banking, with GrayQuest facilitating discounts from institutions for upfront payments.
The company began operations by collaborating with educational institutions to offer no-cost EMI solutions for paying school, college and other educational fees in India. This approach aims to make education more affordable by allowing families to spread the cost over monthly installments instead of paying large lump sums upfront.
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“The core idea behind the company is to streamline and digitise the fee payments, making it more efficient for educational institutions and on the same spectrum, making it more easy and convenient for parents to pay,” said Mehta.Currently, GrayQuest serves over 6,500 educational institutions across schools, colleges and universities, reaching about 5 million students. Its clients include educational institutions like Podar International School, BITS Pilani, Narayana Group of Schools and Amity University, among others.