Gray Matters India (GMI)




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Region of operation

Hyderabad, Bangalore, Mumbai

Headquarters address

8-2-269/S/52, 2nd Floor, 3rd Road, Sagar Society, Banjara Hills, Behind Harley Davidson Showroom, Hyderabad, Andhra Pradesh Country: India Zip: 500034

Target problem

Today, in India, there are over one lakh affordable, private English­ medium schools targeted at children from low income and middle­ income groups. The children join these schools in the hope of achieving a social upward mobility. However, there is no proper system in place to measure the impact these schools are creating, and even monitor the progress made by these kids.

Key product / Service

Assessment and analytics

Team size


Number of beneficiaries


Awards and recognition

Funding and Operating Model

Funding round


Total funding raised

$ 750000

Business details

Initially incubated by Gray Matters Capital, the company followed a declining subsidy model with the first 35 schools in Hyderabad. Meaning, since the schools had restrictive budgets, the company didn’t take any fee during the first year with the company taking on 100 per cent of the cost. During the second year, the company owned up 90 per cent of the cost and the school covered 10 per cent. In the third year, the school owned 25 per cent to 50 per cent of the cost and so on. While this helped Gray Matters gain the initial trust and traction, soon, the team realised that it needed to build a financially sustainable model.Going forward, its key focus areas lay in incorporating tablets and downloadable apps into the system to make assessments easier and to give schools higher exposure. Overall, it aims to partner with 5,000 schools in about five years, and achieve an operational break­even in a year and a half

Partners and key clients




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