Startup: GrayQuest

GrayQuest is a fintech startup focused on education loans. GrayQuest offers multiple tailored payment options for students and parents, including a monthly plan for annual education fees with no extra charges. The platform is currently used by over 6,500 leading educational institutions, including universities and K-12 schools.

Established Year: 2017

Sector: Fintech

Funding Round: Series B

Funding News: Fintech Startup 'GrayQuest' gains $9.3 million in Series B

Investors: IIFL Fintech Fund, Claypond Capital (family office of Ranjan Pai), and existing investor Pravega Ventures.

Previously, the Mumbai-based startup raised $7 million in its Series A round in March 2024 and $1.2 million in a Pre-Series A round in August 2020. Over the last 2 years, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively raised around $500 million in funding.

The new funding will be used to improve GrayQuest’s technology platform and scale its distribution to educational institutions across India.

Rishab Mehta, CEO of GrayQuest, explained, “The main goal of the company is to simplify and digitize the fee payment process, making it more efficient for educational institutions while also offering a convenient and easy way for parents to make payments.”