Mumbai, Jan 9 (PTI) Fintech firm Grayquest on Thursday announced Rs 80 crore fundraising from IIFL Fintech Fund, Ranjan Pai's family office Claypond Capital and existing investor Pravega Ventures.

The Series B funding will be utilised to enhance the technology platform and scale its distribution to educational institutions across the country, as per a statement.

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The entity is focused on building digital financial solutions for India's education ecosystem by offering a unified payment platform to enable them to digitise and boost their fee collection.

Over 6,500 educational institutions, including universities and K12 centres, in the country use its systems for fee collection.

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IIFL Fintech Fund's manager Mehekka Oberoi said over USD 120 billion is collected by educational institutions annually, but there has been little innovation in recent decades.

"Grayquest is revolutionising the education financing landscape, making it easier for families and institutions to manage payments with greater flexibility," a spokesperson for Pravega said.

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