Fintech startup GrayQuest has raised Rs 56 crore or $7 million in its Series A round.
The round was led by Pravega Ventures, with participation from family investors such as Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office). Existing investors such as the family offices of Ashok Wadhwa (Founder – Ambit Capital) and Yogesh Mahansaria also joined the funding round.
Prominent entrepreneurs such as Kunal Shah and Miten Sampat (CRED), Anupam Mittal (Shaadi.Com), David Piexoto (Isaac), Sujeet Kumar (Udaan), Abhishek Goyal (Traxcn), Nitin Gupta (UNI), Pravin Jadhav (Raise Financial Services), Aakrit Vaish (Haptik) and Dhyanesh Shah & Revant Bhate (Mosaic Wellness) participated in the funding round as well.
GrayQuest will utilize the proceeds to further enhance its product offerings and scale distribution across the education ecosystem.
Started by Rishab Mehta, GQ offers educational institutions a unified payments platform to enable them to digitize and boost their fee collection. GQ’s platform enables institutions to offer their parents multiple tailor-made payment options, including a convenient monthly payment option to pay their annual education fees without bearing any extra costs.