Grayquest Secures Rs 80 Crore to Revolutionize Education Financing

Grayquest, a fintech firm, has raised Rs 80 crore in a Series B funding round from IIFL Fintech Fund, Claypond Capital, and Pravega Ventures. The funding aims to enhance Grayquest's technology platform and expand distribution to educational institutions, facilitating the digitization of fee collection across India.

Grayquest, a leading fintech company, announced on Thursday that it has successfully raised Rs 80 crore. The Series B fundraising efforts gained support from IIFL Fintech Fund, Ranjan Pai's family office Claypond Capital, and existing investor Pravega Ventures.

This fresh capital injection is set to enhance Grayquest's technology platform significantly. The funds will also help scale distribution to educational institutions nationwide, aiming to digitize and streamline fee collection processes as stated in the press release.

Currently, over 6,500 educational institutions, including universities and K12 centers, leverage Grayquest's systems for fee management. Despite education institutions collecting over USD 120 billion annually, innovation in this area has lagged, according to IIFL Fintech Fund's manager, Mehekka Oberoi. A spokesperson for Pravega highlighted Grayquest's role in modernizing India's education financing ecosystem, making payment management more flexible for families and institutions alike.

(With inputs from agencies.)