Education-focused fintech startup GrayQuest reported a revenue of Rs 17.92 crore in FY24, marking a 97% growth from Rs 9.09 crore in FY23. However, the company’s net loss widened to Rs 36.80 crore in FY24, compared to Rs 26.30 crore in FY23, as expenses surged by over 54% to Rs 54.70 crore.
Founded in 2017 and headquartered in Mumbai, GrayQuest provides a unified fee collection platform for educational institutions, enabling them to digitize and enhance fee management. Its flagship product allows parents to pay annual education fees in zero-interest monthly installments, along with access to insurance and other benefits. GrayQuest has partnered with over 4,000 institutions, serving more than 2 million students across 36,000 pin codes.
Employee benefits constituted 74.42% of expenses in FY24, up from 70.75% in FY23, reflecting GrayQuest’s investment in talent. Advertisement costs accounted for 1.91% of expenses, while depreciation and finance costs remained minimal at 0.051% and 0.067%, respectively.
Its revenue from operations increased to over 98% of total revenue in FY24, up from over 96% in FY23. Its operating revenue is primarily derived from two sources: Facilitation Fees (93.1%) and Subvention Income (6.8%). It ended FY24 with a negative EBITDA margin of -204.85% and a ROCE of -704.56%.
Founder Rishab Mehta lead GrayQuest, which is backed by notable investors, including founders and CXOs of CRED, Udaan, Flipkart, and Pidilite. Key shareholders include Rishab Mehta (38.59%), ESOP pool (7.47%), and IIFL (4.07%).