VC Fund Investments
Education-focused fintech co. GrayQuest raises Rs.80-Cr from IIFL Fintech Fund, Claypond Capital, Pr
Mumbai-based education-focused fintech startup GrayQuest has raised INR 80 crore (around USD 9.3 million) in a Series B equity funding round led by IIFL Fintech Fund, Claypond Capital (the family office of Manipal Group chairman Ranjan Pai) and existing investor Pravega Ventures. The company plans to use the funds to enhance its technology platform and expand its reach.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. This funding follows GrayQuest’s INR 56 crore (around USD 7 million) Series A round in March 2023, which was led by Pravega Ventures, with participation from family investors such as Weizmann Group, Telama Family Office, and Apurva Parekh from the Pidilite Family Office.
Between Jul 2020 and Sep 2024, GrayQuest had raised about USD 17 M from 360 ONE, Pravega Ventures, Telama Investments Family Office, Burman Family Office, Stallion Ventures and Foundation Holdings.For FY24, GrayQuest had reported about INR 18 Cr in Operating Income and about INR 37 Cr in Net loss.
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