Giri Balasubramaniam, founded Greycaps India Pvt Ltd in Bengaluru in 1999. It is now the country's second largest quiz company.

"Greycaps began as the translation of a passion. When we were quizzing in our college days in the late eighties and early nineties we found that quizzing needed the infusion of fresh blood and ideas. For the audience, quizzing was also very difficult. There were two kinds of attendees—those who had read up, and those who did not even understand the questions, leave alone know the answers. People found quizzes for the brainy, not for entertainment. Perhaps because in that era quizzing was largely confined to statistical data—remembering dates and numbers, per capita income, growth, production data etc." said Balasubramaniam.

Therefore, he wanted to make quizzing entertaining, easier and more widely sought and enjoyed. Soon, Giri and some of his classmates began developing such quizzes. These quizzes, were more awareness based, they were about recent happenings.

Greycaps holds the merit of having held India's biggest business quiz—for Tata Sons in 2004 called Tata Crucible–the quiz formed part of the centenary celebrations of the Tatas, and has now become an annual event.