GrayQuest raised $7 million (Rs 56 crore) in a Series A funding round led by Pravega Ventures, according to VCCircle report.
The round also saw participation from the Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office).
Existing investors such as the family offices of Ashok Wadhwa (Ambit Capital) and Yogesh Mahansaria also invested in the funding round.
The startup plans to utilize the proceeds towards product development and scale its distribution, a statement said.
Founded in 2017 by Rishab Mehta, GrayQuest is a fintech platform focused on providing payment solutions for educational institutions by providing a unified payments platform to digitize & boost their fee collection. It enables parents to pay their wards’ annual education fees in up to 12 monthly installments without any extra cost.
The company claims to serve 5,000 schools across India and handle up to 3 million students by way of the same.
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