upGrad, Asia’s integrated higher edtech leader, has entered into an exclusive acquisition agreement with Global Study Partners (GSP), Australia’s largest study abroad company, in a bid to strengthen its overall global education network.
upGrad stakes AUD 22.5 Million to buy of GSP and a further AUD 15 Million for future growth.
Due to the COVID-19 pandemic, 45.2% of global students are interested in studying their program as an alternative, according to The Impact of COVID 19 on Study Abroad Survey.
Canada’s ApplyBoard in the same segment got funded recently at a USD 4 Billion valuation. Leveraging this behavioural change, upGrad’s acquisition of GSP strengthens its foray in Study Abroad, one of the fastest growing segments worldwide.
Global Study Partners a global study abroad champion
Founded in 2015 and headquartered in Sydney, Global Study Partners (GSP) boasts of an extensive institution network of over 600, with a focus on countries including, Australia, the UK, Canada, and the US, which are the most popular Study Abroad destinations in the world.
GSP is also armed with more than 1,300 recruitment partners, including education and migration agents, schools, test preparation centres, alumni associations etc.
Ronnie Screwvala, the Chairperson & Co-Founder of upGrad offered additional insights.
“As an Integrated EdTech leader, we span the entire gamut of a learner’s need from the age of 18-50 and in that, Study Abroad is a key growth initiative for us, not just out of India which is one of the two largest markets but also for our learners internationally.”
“GSP coming into upGrad’s fold will help us to attain global leadership in this segment.”
What the future holds for student enrolment
Elaine Starkey, the CEO and Founder of Global Study Partners also had some insights.
“I couldn’t think of a more complementary business that shares principles and ethics to empower learners throughout the world. Ronnie and Mayank are true visionaries with a deep understanding of this sector and truly get that it’s all about the learner’s experience.”
“GSP recruitment partners will enjoy the benefits that the additional reach GSP can deliver and they can expect significant growth in quality student enrolments.”
Students opting for Higher Education abroad from India are increasing rapidly and expected to reach ~1.8 Million by 2024, as per Redseer report. They would be spending USD 75-85 Bn overseas, as Online emerges as the dominant channel for availing these services.
Gaurav Kumar, President – Corporate Development and M&A, upGrad made these remarks.
“With 150k students every year, Australia is one of the biggest destinations for Indian learners. With these two giants in the key supplier and the demand markets joining forces, we are to build a revenue of USD 100M in study abroad business in the next 3 years.”
