GrayQuest (GQ), a fintech company focused on providing payment solutions for India’s education ecosystem, has announced its Series A equity funding round of $7 million (Rs 56 crore). 

Pravega Ventures led this round 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 of Ambit Capital and Yogesh Mahansaria also invested in the funding round. 

Entrepreneurs such as CRED’s Kunal Shah and Miten Sampat, Shaadi.com’s Anupam Mittal, Issac’s David Piexoto, Udaan’s Sujeet Kumar, Traxcn’s Abhishek Goyal, UNI’s Nitin Gupta, Raise Financial Services’ Pravin Jadhav, Haptik’s Aakrit Vaish and Mosaic Wellness’ Dhyanesh Shah and Revant Bhate also participated in the funding round.

It will utilize the proceeds to further enhance its product offerings and scale distribution across the education ecosystem.

GQ offers educational institutions a unified payments platform to enable them to digitize and boost their fee collection, offering their parents multiple tailor-made payment options. This includes a convenient monthly payment option to pay their annual education fees without bearing any extra costs.

GQ is powering education fee payments for over 5,000 of Indian education institutions serving around 3 million students across the country. GQ’s founder Rishab Mehta said, “Our data, across multiple cohorts, indicates Indian families consistently spend over 20 per cent of their annual household income on their children’s education fees. Our range of payment and technology solutions have demonstrated tremendous positive results for both parents and educational institutions relating to education fee payments.”

Vinay Menon, co-founder of Pravega Ventures, added that India’s education ecosystem is one of the world’s largest, with approximately $100 billion of education fees paid annually. “However, we found it to be surprisingly underserved in terms of the payment solutions available for the ecosystem. GQ is solving acute pain points relating to fee collection and payments for both the primary stakeholders in this ecosystem—educational institutions and parents or students.”