New Delhi, Nov 29, : Online higher education provider upGrad announced Monday that it has entered into an exclusive agreement with Global Study Partners (GSP), Australia’s largest study abroad company.UpGrad will invest $16million to purchase 100 percent of GSP, and will also commit $10 million for future growth.
GSP will close its financials with a GMV of more than $10 million.This figure will increase fourfold over the next year.
Ronnie Screwvala (Co-Founder and Chairperson of upGrad) stated in a statement that “As an Integrated EdTech Leader – we span all the gamut of a learner’s need from the 18-year-old age of 18-50 and in that, Study Abroad has been a key growth opportunity for us – both out of India, which is one of two largest markets, but also for our international learners,” Ronnie Screwvala said in a statement.
GSP was founded in 2015 and is headquartered in Sydney.
It boasts 600+ institutions, mainly in major western destinations countries (Australia, Canada, USA, and the UK) and 1,300+ recruitment partners.These include schools, migration agents, schools and alumni associations.
GSP is the first international acquisition by the edtech leader.It also strengthens its position in Study Abroad, one the fastest-growing segments worldwide.
UpGrad offers more than 100 courses in collaboration and with top-notch local/global universities like Deakin Business School, Australia, Duke CE (US), Michigan State University, US), Liverpool Business School, UK, IIT Madras, IIM Kozhikode, India, and others.It has over 10 lakh learners across 50 countries.
From 2021 to March, the company, together with Rekrut India, a 100% subsidiary of upGrad has enabled more than 2,500 career transitions.The highest salary increase was 400% (a package worth Rs 73 lakh annum).
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