Education-focused fintech GrayQuest raises $7-M led by Pravega Ventures

Mumbai-based fintech startup GrayQuest has raised USD 7 million (INR 56 crore) 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. GrayQuest will use the fresh capital to enhance its product offerings and scale distribution. The startup, backed by angel investors Kunal Shah and Anupam Mittal, offers educational institutions a unified payments platform to digitise and boost their fee collection.