You are here: Home » Companies » News
Business Standard

upGrad makes first overseas deal, snaps up Australian Global Study Partners

Leading edtech player upGrad on Monday said it will acquire Global Study Partners (GSP), the largest study abroad company in Australia, for AUD 16 million

Topics
EdTech | Online education | Australia

Press Trust of India  |  Mumbai 

Upgrad, Edtech

Leading player upGrad on Monday said it will acquire Global Study Partners (GSP), the largest study abroad company in Australia, for AUD 16 million, with a commitment of a further AUD 10 million in future.

upGrad, which has been growing through acquisitions and has earmarked an M&A war chest of USD 250 million, has entered into an acquisition agreement to buy 100 per cent of GSP for AUD 16 million with a commitment of a further AUD 10 million in future, the Ronnie Screwvala-promoted firm said in a statement on Monday.

GSP is slated to close its current financials at a gross merchandise value of over AUD 10 million.

Founded in 2015, the Sydney-headquartered GSP has a network of over 600 institutions in Australia, Britain, Canada, and the US, and over 1,300 recruitment partners that include education and migration agents, schools, test preparation centres, alumni associations etc.

The acquisition marks the first international acquisition for upGrad and strengthens its foray into the study abroad space, one of the fastest-growing segments worldwide.

"As an integrated 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 said.

GSP founder and chief executive Elaine Starkey said with this deal with upGrad, her existing partner institutions and recruiters worldwide can expect significant growth in quality student enrolments.

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.

According to a Redseer report, Indian students opting for higher education abroad are increasing rapidly and their growth outpaced the domestic student growth by 6x in the last three years to reach 7.7 lakh in 2019. This is further expected to grow 2x till 2024, to reach 1.8 million who would be spending USD 75-85 billion overseas.

With 1.5 lakh students coming in every year, is one of the biggest destination markets for Indian students.

Started in 2015, upGrad is a pioneer in the revolution, focused on reskilling and upskilling and has so far helped over 2 million from across 50 countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 29 2021. 13:41 IST
RECOMMENDED FOR YOU
.