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Pravega and IIFL Pump $6 Million into GrayQuest's Series B
- GrayQuest, a fintech startup focused on education loans, is raising Rs 53 crore ($6 million) in a Series B round led by Pravega Fund and IIFL Fintech Fund.
- The board approved issuing 6,228 fully paid and 1,530 partly paid Series B preference shares at Rs 69,062 each.
- Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, with founder Rishab Sumer Mehta contributing Rs 10.56 crore in partly paid shares.
- The funds will support GrayQuest's financial needs and expansion plans, with the ESOP pool increased to 5,718 options.
- GrayQuest, valued at Rs 530 crore post-allotment, allows parents to pay school fees in monthly installments and was selected for HDFC Bank's Co-Lab initiative.
Source: Entrackr

4mo ago2K2K views

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