GrayQuest raises $3.75 Mn in Series A led by Pravega Ventures

• ByStartupStory     |    December 13, 2022

GrayQuest Education Finance Pvt. Ltd raises Series A led by Pravega Ventures. GrayQuest is basically an Education loan focused fintech startup  that provides parents and students with the most convenient and easiest option to pay fees to their Institute. They raised  $3.75 million in a Series A round led by Pravega Ventures with participation of VIC Enterprises and Stallion Ventures along with existing backers. It is their first fund rais that happened in 2022. 

Pravega Ventures led the Series A round with Rs 10 crore and the VIC Enterprises has invested Rs 3 crore. Astra Industries and Trading Pvt Ltd, Nine Advisors Pvt Ltd, Crest Capital via Crest Opportunities Pvt Ltd, Stallion Ventures, Keshav Mishra, Kotta Enterprises and Dharmendra Siraj invested Rs 2 crore each and Apurva Parekh, Saswad Finance Pvt Ltd, Kabita Kharbanda, Siddharth Patodia were the other investors. 

Major aim of GrayQuest is to become the default method of paying education fees for the 200 million students who are studying in private sector education institutions by providing a convenient, flexible and rewarding experience. It is an integrated tuition collection platform for educational institutions that allows parents to pay annual tuition fees in flexible monthly instalments with no interest. The company claims to have served around 10,000 parents with over 2,500 partner institutions with 36,000 PIN codes. They have also made a program called  GQ+ . This is India’s first and largest students and parents’ loyalty program and GQ Education Protect, our complimentary insurance offering safeguarding the education of students paying their fees through GrayQuest to further enhance the experience of our stakeholders.

The board at GrayQuest has passed a special resolution to issue 9,408 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 32,897.36 per share to raise Rs 30.95 crore or $3.75 million, as per the company’s regulatory filing with the Registrar of Companies (RoC).GrayQuest also provides services to various banking & financial services companies and Non-banking Financial Companies (NBFC) as a ‘Servicer’. Rishab Mehta is the CEO and founder of GrayQuest.

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