upGrad to buy Australia-based study-abroad firm Global Study Partners for $16-M

Mumbai-based edtech firm upGrad is to acquire 100% of Sydney-based study-abroad company Global Study Partners (GSP) for USD 16 million, with a commitment of a further investment of USD 10 million in the future. Founded in 2015, GSP is slated to close its current financials at a gross merchandise value of over AUD 10 million. It 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, and alumni associations. The GSP deal marks Upgrad's first international acquisition and strengthens its foray into the study abroad space, one of the fastest-growing segments worldwide.