VC Fund Investments
Ed-fintech startup GrayQuest raises Rs.53-Cr in Series B led by Pravega, IIFL Fintech Fund
Mumbai-based fintech startup focused on the school education segment, GrayQuest , has raised INR 53 crore (USD 6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund (investing INR 21.50 crore each). Founder Rishab Sumer Mehta also participated in the round, putting in INR 10.56 crore.Following this round, GrayQuest’s estimated valuation stands at around INR 530 crore (USD 64 million). Pravega Ventures will hold a 10.94% stake, while IIFL Fintech Fund will own 4.07%. Mehta retains a 38.59% stake in the company. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options.GrayQuest offers educational institutions a unified payments platform to digitise and boost their fee collection.
Between Jul 2020 and Mar 2023, GrayQuest had raised over USD 11.95 M from Telama Investments Family Office, Pravega Ventures, Stallion Ventures, Burman Family Office, Others, Foundation Holdings and Others
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