upGrad says study-abroad unit set to become largest player in South Asia

Unicorn led by Ronnie Screwvala seeks annual revenue run rate of $130 million by 2023 for the platform.

Ed-tech unicorn upGrad has said its study-abroad vertical will become the largest such player in South Asia and it aims to be the global leader by 2023.

‘upGrad Abroad’ aims to enroll over 25,000 learners and cross an annual revenue run rate of $130 million by 2023, said the  unicorn led by Ronnie Screwvala.

India, as a market for students seeking to go abroad, is among the top 2 countries in the world. The number increased from 440,000 in 2016 to 770,000 in 2019. It is expected to cross 1.8 million students annually by 2024. USA, UK, Australia, Canada, and Germany are among countries where upGrad gives subscribers information about education. In the last eight months, upGrad Abroad has enrolled 1500 learners and partnered with 18 universities.

“Study Abroad is a large category and upGrad’s plan for clear market leadership is multifold. First, by making it very accessible and affordable to many more by allowing students to finish one full year online in India and then move to the country of the university of their choice,” said Screwvala, chairperson and co-founder, upGrad.

“This is not triggered by Covid at all but by the fact that upGrad is best placed to offer high-quality outcomes to students online and prepare them better for the balance years in the foreign university.”

upGrad acquired Australian company GSP, which has more than 600 university networks and over 1,300 recruitment partners around the world. “Basis this: upGrad will grow its student base from the present 1500 since they started barely 8 months ago to 10,000 and then 25,000 by end of 2023, and in turn grown manifold,” said Screwvala.

The edtech firm’s university partnerships are expected to grow to over 40 this year: in the US, Australia, Canada, UK, and Germany. It will also add on-ground teams there to support the students arriving in those locations and give them a truly holistic upGrad experience. Course options will be across a wide range and include fields of management, data science, technology, healthcare and law.

Ankur Dhawan, president of upGrad Abroad, said democratising education is offering learners the chance to study from any global university of their choice and at affordable cost.

Mayank Kumar, managing director and co-founder of upGrad, said most Indians want to be in their own country or come back to build their future. “India is a prime example as it is a land of myriad opportunities as it’s slated to be the 3rd largest economy in the world,” said Kumar.