Some biking events including the World Championships road race and the individual time trial event , pay both genders the same amount of money.
But many, particularly the World Championships team time trial, show a vast gap in pay with men getting £26,500 compared to women who receive a paltry £8,500.
In Cyclo Cross, the men's event pulls in a £24,000 in prize money compared with £9,500 for women.
Those events which do see both genders receiving equal pay, only started doing so in 2013.
"There is a gap, it needs to be closed but it's not going to happen overnight. We do know that women's sport is very exciting, we know it can draw really big audiences but we need more media coverage and more commercial investment," Grant told BBC Sport.
"It's not just about the bottom line and profits and the return on investment which I believe they will get, it's also taking part in the battle for gender balance and fairness in the 21st century."
The figures were highlighted in a study which found 30% of sports reward men more highly than women.
The report, which looked at prize money only and does not include wages, bonuses or sponsorship, was commissioned before a conference aimed at transforming sport for the benefit of women in the United Kingdom.
It was delivered by the Department for Culture, Media and Sport and the Women's Sport and Fitness Foundation (WSFF), which is celebrating its 30th anniversary.
Ruth Holdaway, chief executive of WSFF, said: "We are encouraged that since 2013 a number of sports have taken the positive step towards prize money parity, and this shows that the momentum currently building behind women's sport is having an impact.
"It is, however, disappointing that in 2014 women still find themselves having to battle for equal reward in elite sport."
The full list of prize money for cycling events for both genders is as follows:
| Competition/Event | Prize money in £ Sterling (Men) | Prize money in £ Sterling (Women) | Year equal prize money paid |
| BMX - WChamps - Time Trial | £530 | £530 | 2013 |
| BMX - WChamps - Final | £3,200 | £3,200 | 2013 |
| BMX - Supercross WC - Overall | £4,800 | £3,200 | Row 3 - Cell 3 |
| BMX Supercross WC | £4,800 | £3,200 | Row 4 - Cell 3 |
| Road - WChamps - Individual road race | £6,000 | £6,000 | 2013 |
| Road - WChamps - Time Trial | £3,000 | £3,000 | 2013 |
| WChamps - Team Time Trial | £26,500 | £8,500 | Row 7 - Cell 3 |
| World Tour - one day races | £4,600 | £300 | Row 8 - Cell 3 |
| Road - World Tour - one stage race | £2,400 | £220 | Row 9 - Cell 3 |
| Road - Tour de France - overall win | £360,000 | N/A | Row 10 - Cell 3 |
| Road - Tour de France - final stage win / La Course | £6,400 | £4,800 | Row 11 - Cell 3 |
| Road - Tour of Britain / Women's Tour | £2,900 | £1,200 | Row 12 - Cell 3 |
| Para-cycling road - WChamps | None | None | Row 13 - Cell 3 |
| Track - WChamps | £2,500 | £2,500 | 2013 |
| Track - WC | £500 | £500 | Row 15 - Cell 3 |
| Para-cycling track - WChamps | None | None | Row 16 - Cell 3 |
| Cyclo-cross - WChamps | £2,900 | £2,900 | 2013 |
| Cyclo-cross - WC | £24,000 | £9,500 | Row 18 - Cell 3 |
| Trials WChamps | £1,300 | £1,300 | 2013 |
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