On Monday, leading ed-tech player upGrad announced it will acquire Global Study Partners (GSP), the most extensive study overseas company in Australia, for AUD 16 million, with a commitment of a further AUD 10 million in the future.
GSP is slated to bind its current funds at a gross merchandise value of over AUD 10 million.
Established in 2015, the Sydney-headquartered GSP has a chain of over 600 institutions in Australia, Britain, Canada, and the US, and over 1,300 recruitment associates that incorporate education and migration agents, schools, test preparation centres, alumni associations etc.
The acquisition underlines the first international acquisition for upGrad and strengthens its invasion into the study abroad space, one of the fastest-growing divisions worldwide.
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“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,” chairman and co-founder Screwvala told.
GSP founder and chief executive Elaine Starkey said that with this agreement with upGrad, her current partner institutions and recruiters worldwide can expect a significant increase in quality student enrollment.
With these two education leaders in the key supplier and the demand markets coming together, upGrad is looking to build a revenue of USD 100 million in study abroad business over the next three years, said Gaurav Kumar, president for corporate development and M&As at upGrad.
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According to a Redseer report, Indian students opting for higher education abroad are increasing rapidly, and their growth outpaced the national student growth by 6x in the last three years to reach 7.7 lakh in 2019.
This is further expected to increase 2x till 2024, to reach 1.8 million who would be spending USD 75-85 billion abroad.
