Ronnie Screwvala-led edtech, upGrad, can purchase a 100% stake in Australia’s largest study abroad company, international Study Partners, for $16 million, marking its 1st overseas acquisition, the edtech company said in a very statement on Monday.
upGrad can additionally invest $10 million in international Study Partners for its future growth, the corporate said.
upGrad said international Study Partners’ acquisition can enhance its foray within the ‘study abroad’ section, that the corporate claims to be the fastest-growing segments worldwide.
“We span the whole gamut of a learner’s want from the age of 18-50. Study Abroad could be a key growth initiative for USA – not simply out of India, that is one in every of the 2 largest markets, but additionally for our learners internationally,” said Ronnie Screwvala, president, Co-founder, upGrad.
Global Study Partners, was founded in 2015, Which contains a network of over 600 establishments in western countries like Australia, the UK, North American nation and therefore the USA.
The corporate additionally has over 1,300 accomplishment partners, that embrace education and migration agents, schools, take a look at preparation centres, alumni associations, among others, said the statement.
“Global Study Partners’ – establishments and accomplishment partners – worldwide, can show the advantages that the extra reach and capability GSP will currently deliver, and that they will expect vital growth in quality student enrolments,” said Elaine Starkey, Founder, CMO, international Study Partners.
Global Study Partners are closing the present year with a gross merchandise worth (GMV) of $10 million, and therefore the GMV is predicted to grow fourfold in 2022, the statement said.
“Global Study Partners coming back into upGrad’s fold are a needle mover for USA to achieve a head-start in being a worldwide leader during this section too,” same Screwvala.
upGrad cited a Redseer report that said that the amount of scholars from India choosing educational activity overseas is increasing and therefore the growth has outpaced the domestic student growth by sixfold within the last 3 years. Close to 770,000 students opted for overseas educational activity in 2019, the corporate said, quoting the Redseer report.
The company expects this growth to accelerate even more and sees the amount of scholars choosing overseas educational activity doubling close to 1.8 million by 2024.
upGrad said eight million students would be spending over a maximum amount of $85 billion in on-line overseas educational activity, as online courses become a lot more accessible amidst the pandemic-led restrictions.