upGrad is looking to build a learner base in regions like Africa, South-East Asia and Middle East, and Latin America for its Study Abroad programme, the company’s MD Mayank Kumar told businessline.
“While we are good in India, we do need to have a presence in Africa, South-East Asia and Middle East, Latin America. because we cannot go to university and say I will only send Indian students. We have to get learners from different parts of the world. So we need to expand in terms of both the source country and destination country,” Kumar added.
upGrad’s Study Abroad vertical allows students to complete their first year of study in India while pursuing the remaining years in their destination geography. This approach significantly saves students’ tuition and living expenses while providing experiential learning opportunities and hybrid and online study options.
With a presence in 20+ countries, 1000+ university partners, and 40,000+ recruitment agents, upGrad’s Study Abroad vertical expects to generate over ₹500 crore of annual gross revenue in FY24. Kumar noted that while Study Abroad is not a major portion of company’s revenue today, it is the fastest growing segment and is expected turn profitable by next quarter.
The edtech firm is also looking to acquire a university in countries like the UK, Canada or Australia — which are popular among study-abroad learners. Kumar said, “It would be interesting for us to look for an institution or university in the destination markets. Instead of sending learners to 20 Universities, we can send to our own university in foreign markets. It will allow us to much more control on the learning process.”
In terms of growth plans, Kumar said that employer connect is one of the focus areas for the company along with looking for internship opportunities in foreign geographies to help learners get a sense of the location beforehand.