Highlights
GrayQuest Secures Rs 80 Crore in Series B Funding
Education loans-focused fintech startup GrayQuest has raised Rs 80 crore ($9.3 million) in its Series B equity funding round. The funding was provided by IIFL Fintech Fund, Claypond Capital (the family office of Ranjan Pai), and prior investor Pravega Ventures. This financing was first reported exclusively by Startup Superb in September of the previous year.
Based in Mumbai, GrayQuest had earlier secured $7 million in its Series A funding round in March of last year, along with $1.2 million during a pre-Series A round in August 2020.
Utilisation of Funds
The company plans to utilise this additional funding to:
- Enhance its technology platform
- Significantly expand its distribution network to educational institutions across India
About GrayQuest
Founded seven years ago, GrayQuest provides educational institutions with the ability to offer students and their parents various customised payment options. This includes a flexible monthly payment plan for annual education fees without any additional charges.
Under the leadership of Rishab Mehta, GrayQuest claims to serve over 6,500 leading educational institutions in India, comprising both universities and K-12 schools.
Financial Performance
For the fiscal year ending March 2024, GrayQuest reported:
- Revenue of Rs 17.93 crore
- Loss of Rs 36.8 crore
According to various sources from startup data intelligence platforms, GrayQuest and its industry competitors—such as Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz—have collectively garnered around $500 million in funding over the past 24 months.