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upGrad Abroad, the overseas education division of ed-tech firm upGrad, plans to generate revenue of $150 million by the end of FY24, Ankur Dhawan, president, upGrad Abroad, told FE Education, adding that the division Will be profitable by the end of this financial year. However, he refused to give exact details. “We plan to partner with four to six universities in the United States (US) every quarter. This we intend to achieve through the launch of new programs in areas such as Alabama and Florida. In addition, We plan to expand our presence in the United Kingdom (UK) this year with a focus on London and Newcastle, in addition to Ireland and Scotland.
upGrad Abroad though started its operations in January 2021 but claims to have enrolled 1500 students between March to December 2021. It aims to enroll 13,000 students by FY23 and 30,000 by FY24. As part of its business model, it earns commissions every year from those who have enrolled through its programs at various international universities. According to Dhawan, all the learners who have enrolled for FY 2012 have paid around $4000. This is because they are in their first year and have not gone abroad yet. It further claims to receive a part of the fee as commission from the students in their second year. The average tuition fee for a post graduate course is around $25,000. For undergraduate courses, the average tuition fee is around $40,000. The company claims to offer over 50 programs in the technology and management domain in partnership with international universities in Canada, Germany, Australia along with the US and UK.
The company further claims to spend the most on mentor fees and marketing. Upgrade Abroad is planning to organize events across the country starting from Mumbai to connect students and universities under one roof. It plans to organize similar events in cities like Hyderabad, Indore, Delhi among others.
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