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