GrayQuest, a leading fintech company revolutionizing India’s education ecosystem, has raised ₹80 Crore ($9.3M) in its Series B equity funding round. The investment, led by IIFL Fintech Fund, Claypond Capital (Family Office of Dr. Ranjan Pai), and existing investor Pravega Ventures, will be used to enhance GrayQuest’s technology platform and scale its distribution to educational institutions nationwide.

GrayQuest provides educational institutions with an innovative, unified payments platform to digitize and streamline fee collection. The platform offers parents and students flexible payment options, including a monthly installment plan to pay annual fees at no extra cost.

Having pioneered this category, GrayQuest has become the go-to partner for over 6,500 leading schools and higher education institutions across India. The platform is trusted by universities, colleges, and K-12 schools to power seamless fee payments.

Mehekka Oberoi, Fund Manager, IIFL Fintech Fund quoted “India’s education sector, with over $120 billion in annual fee payments, has seen limited innovation in digital payments. GrayQuest’s leadership and its transformative impact on leading institutions across the country impressed us. We are thrilled to support their journey in reshaping the education payment ecosystem.”

Spokesperson, Pravega Ventures “GrayQuest is redefining education financing, offering families and institutions greater flexibility in fee management. We’re excited about the potential of embedded finance in India and proud to see GrayQuest leading this transformation.”

Rishab Mehta, Founder & CEO, GrayQuest said “Our journey began with introducing a radically new way of collecting fees. Today, our solutions are a must-have for educational institutions across India. We’re grateful for the trust of our investors as we continue to build impactful innovations that transform the education ecosystem.”

Also read: GrayQuest raises $1.2 million in Pre-Series, led by Foundation Holdings