GrayQuest, a fintech firm with a focus on education, has raised Rs 80 crore, or around $9.3 million, in a Series B equity fundraising round headed by Claypond Capital, IIFL Fintech Fund, and current investor Pravega Ventures.

According to founder and CEO Rishab Mehta, the Mumbai-based business intends to use the money to improve its technological platform and reach more educational institutions nationwide, ET reported.

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“We have had quite a journey from the initial days of pitching a radically new way of collecting fees at institutions to our solutions slowly becoming a must-have for educational institutions across the country. We are thankful for the trust and conviction shown by some of India’s most respected investors to partner with us in this journey as we continue to focus our efforts on building innovative solutions that will make a significant positive impact to the lives of our customers across the education ecosystem,” said Rishab Mehta, Founder and CEO, GrayQuest.

GrayQuest facilitates discounts from institutions for upfront payments, and customers can pay fees via credit cards, debit cards, and net banking.

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About GrayQuest

Founded by Rishab Mehta in 2017, GrayQuest offers a suite of products spanning SAAS, payments and BNPL use cases for educational institutions across the country.