[Funding alert] Fintech Startup GrayQuest Secures $7 mn in Series A funding round
A Series A fundraising round led by Pravega Ventures saw GrayQuest secure $7 million (about Rs 56 crore). The Weizmann Group, Telama Family Office, and Apurva Parekh also participated in the round (Pidilite Family Office).
The family offices of Yogesh Mahansaria and Ashok Wadhwa (Ambit Capital), two previous investors, also invested to the investment round, as per reported by VCCircle.
Read also – [Funding alert] IoT Startup Probus Secures $3 Mn Led by US Family Office & Unicorn India Ventures
The Mumbai-based business intends to use the money to expand its distribution and develop its product.
Founded in 2017 by Rishab Mehta, GrayQuest is a fintech platform that provides services to 5,000 schools across India and it can accommodate up to 3 million students using these services.
Read also – Garuda Aerospace and Ninjacart join hands to introduce drone technology to farmers
In order to help educational institutions digitize and improve their fee collection, GrayQuest is a fintech platform that focuses on offering payment solutions. It enables parents to pay the annual tuition for their children in as many as 12 monthly installments without incurring any additional expenses.
Read also – 91Springboard partners with Government of Maharashtra for the launch of government’s new initiative, Maharashtra Virtual Incubation Center (MVIC)