If I click on a cell which is enabled for editing, it displays with a background color of dark blue and a foreground color as white. Once I start editing the data in the cell, I'm able to manage the colors myself (I prefer background color pink and foreground color as white). Is there a way to set the colors before the edit begins.

The HighlightForeColor and HighlightBackColor properties of iGrid contain colors used to highlight the text and background of the selected cell. Use them to set the colors you asked about.

They worked perfectly. Also found HighlightSelCells = False to be helpful.