GrayQuest, a fintech company focused on digital financial solutions for India’s education sector, has raised Rs 80 crore (approximately US$9.3 million) in a series B funding round.

The investment was led by IIFL Fintech Fund, Claypond Capital, and existing investor Pravega Ventures.

The Mumbai-based firm plans to allocate the funds to improve its technology platform and broaden its distribution to educational institutions nationwide.

GrayQuest provides a payment platform tailored for educational institutions, offering various payment options, including monthly installments without extra costs.

Currently, GrayQuest partners with more than 6,500 educational institutions across India, including universities, colleges, and K-12 schools.