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Thursday, March 28, 2024

GrayQuest Bags $7 million to Revolutionize Education Funding

The financing was headed by Pravega Ventures, with participation from family investors such as the Telama Family Office, Weizmann Group, and Apurva Parekh from the Pidilite Family Office.

GrayQuest, a business that works with educational institutions to split fees into equal monthly payments, announced on Thursday that it has secured Rs 56 crore (about $7 million) in its Series A fundraising round.

According to a press statement, Pravega Ventures led the round, which included Telama Family Office, Weizmann Group, and Apurva Parekh from the Pidilite Family Office.

Among the other investors wreathe Cred’s developer Kunal Shah, Shaadi.com founder Anupam Mittal, and Udaan founder Sujeet Kumar.

Ambit Capital founder Ashok Wadhwa, and the family offices of Yogesh Mahansaria (managing director of Mahansaria Tyres) were among the returning investors.

GrayQuest, which has 200 staff spread throughout Mumbai and Bangalore, began processing fee payments for its partner institutions last year.

Podar International School, Ryan Group of Institutions, Vibgyor Group of Schools, Delhi Public School, Narayana Group of Schools, BITS Pilani, Sharda University, Shiv Nadar University, and Amity University are among its clientele. It is also presently onboarding digitally native edtech startups like UpGrad.

GrayQuest plans to utilise the new funding to expand its product offerings and build its distribution across the education ecosystem, according to founder and CEO Rishab Mehta, as it prepares to enter the school loans market.

While GrayQuest works throughout India, around 60% of its income is now generated in the country’s west and south. The company’s sales increased fourfold in 2021, thrice in 2022, and threefold in 2023, according to Mehta, who declined to provide precise figures.

GrayQuest, founded in 2017 by Mehta and bootstrapped till 2020, provides educational institutions with a single payments platform to help them digitise and increase tuition collection.

It has worked with over 5,000 schools, universities, and coaching centres around the country, serving about three million students.

According to Vinay Menon, co-founder of Pravega Ventures, India’s education ecosystem is one of the world’s largest, with around $100 billion in school costs paid yearly.

Newsdesk

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