Exorbitant school fees have always been a concern for parents and given the current scenario with the pandemic playing havoc with our lives, family incomes have dropped across strata. However, this is making it easier for parents in these difficult times and solving the problem people face while schools collect their fees in two or three-part payments. GrayQuest, founded by Rishab Mehta in 2017, is allowing parents to pay their annual education fees in up to 12 monthly instalments – without incurring any extra cost or interest – instead of paying it to the schools in fewer part payments.
Apart from that, parents and students paying through GrayQuest's platform can also avail a Rs 10 lakh complimentary insurance cover and certain rewards specifically designed for school and college students. "Quality education comes at a cost and each institute has its own payment plan. What GrayQuest does is partners with these institutions to provide various fee payment options. They can pay through GrayQuest — convert yearly fees into zero-cost monthly instalments, we also give them a 10 lakh rupee complimentary insurance cover. We have also created a rewards programme for students such as dance classes by Shiamak Davar, online classes by White Hat Jr, Wonderla vouchers, and more that come along if parents opt for fee payments through GrayQuest," explains Rishab.
Although they are based out of Mumbai, GrayQuest also has operations in other major cities like Bengaluru, Pune, Chennai, Hyderabad and Delhi. Since the pandemic hit, their platform has taken off much more as there is a need for monthly payment, adds Rishab. So, how does one sign up? GrayQuest partners with a school then they tell the parents. Interested parents approach the GrayQuest team, and then the team signs them up on the platform. GrayQuest has a website and an app for Android phones, they are yet to come up with an IoS version. This service is provided at zero cost to the parents, "the school gives us a percentage to offer this facility for free to the students' parents," adds Rishab.
Through their fee payment service, GrayQuest is currently helping more than 700,000 children to access education in an affordable manner. The fintech firm works with over 2000 top schools and colleges across the country. Since the pandemic hit and the subsequent lockdown, they have partnered with more than 500 schools. As far as their future plans go, Rishab adds that the company is aiming to increase access to affordable education in India. "We would like to become a household name in the fee payment sector especially for learners studying in private institutions across India," he concludes.
