upGrad to acquire Australia-based Global Study Partners

Edtech unicorn upGrad is all set to acquire Australia-based edtech startup Global Study Partners (GSP).

upGrad will invest $16 million to buy 100% of GSP and commit a further $10 million for future growth, said the company in a press statement. It further added that GSP is slated to close its current financials at a GMV of over $10 million, which will grow fourfold in the coming year.

Founded in 2015 and headquartered in Sydney, GSP boasts of an institution network of over 600 predominantly in major western destination countries such as Australia, the UK, Canada, and the US. According to the company, it has over 1,300 recruitment partners which include education and migration agents, schools, test preparation centres and alumni associations.

This acquisition marks the first international acquisition for the Ronnie Screwvala-led company. 

Akin to other edtech companies, upGrad has been witnessing a surge in users due to a disruption caused by the pandemic. While the impact of such spurt in platform’s usage could be gauged when the company would file FY21’s annual financial statements, it recorded a 90% jump in its operating revenue in FY20.