BUSINESS OVERVIEW
Crizac Limited is a B2B education platform that provides international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand (ANZ). The company specializes in student recruitment from India to the United Kingdom, leveraging strong institutional relationships developed over time.
For the fiscals ending March 31, 2023, 2024, and 2025, over 7.11 lakh student applications were processed for more than 173 global institutions through a global network of agents from 75+ countries, registered on a proprietary technology platform.
As of March 31, 2025, the platform had 10,362 Registered Agents globally, with 3,948 Active Agents during FY25. Of these, 2,237 were based in India, and 1,711 (43.33%) operated across 39+ countries, including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada, and Egypt.
Partner institutions include top names such as:
University of Birmingham
University of Surrey
Nottingham Trent University
Coventry University
Swansea University
Glasgow Caledonian University
Dundalk Institute of Technology, among others.
Headquartered in India, with co-primary operations in London, UK, the company also maintains an international presence through consultants in Cameroon, China, Ghana, and Kenya.
As of March 31, 2025, the team comprises 368 employees and 12 consultants with deep expertise in the global higher education sector. The Bankers to the Company are RBL Bank, HDFC Bank Limited, ICICI Bank Limited and HSBC Bank.
INDUSTRY ANALYSIS
India is home to one of the largest higher education ecosystems in the world, enrolling over 70 million students, with an additional capacity of 40 million added over the last two decades. In FY2020, the education sector was valued at USD 117 billion, with projections suggesting it will grow to USD 225 billion by FY2025 and further to USD 313 billion by FY2030.
The National Education Policy (NEP) 2020 has been a significant catalyst for reforms. Key advancements in 2023 included:
Introduction of multiple entry and exit options for students in higher education.
Implementation of flexible credit systems and multidisciplinary courses.
Launch of the Common University Entrance Test (CUET) to unify college admission procedures across the country.
Promotion of regional inclusivity by offering engineering and medical courses in regional languages.
A graphical analysis of the sector’s market size shows a strong upward trajectory from USD 117 billion in 2020 to USD 313 billion by 2030, highlighting India’s emergence as a global educational hub.
India currently operates:
1.5 million schools
9.5 million teachers
Approximately 235 million students from Grade 1 to 12
Given its demographic dividend—nearly one-quarter of the population aged 15 to 29—India’s education sector continues to witness rising demand for skilled professionals across industries.
Indian students investing in overseas education incur a variety of expenses including:
Tuition fees (largest component, ~40–45%)
Living and travel expenses
Accommodation, insurance, and miscellaneous costs
The cost of international education varies significantly by country. Studying in nations like the USA, UK, Canada, and Australia is generally more expensive, with postgraduate tuition fees ranging from USD 20,000 to USD 40,000 per year. In contrast, countries such as Germany, France, and Spain offer relatively lower tuition fees.
Education loans have become a vital financial tool for students—especially those from economically weaker sections—seeking higher education abroad. Key developments in this space include:
A surge in loan demand due to increasing education costs and enrollment.
NBFCs (Non-Banking Financial Companies) gaining a stronger foothold by offering more flexible loan terms than Public Sector Banks (PSBs).
According to the Reserve Bank of India (RBI):
Total outstanding education loans rose 17% YoY, reaching INR 968.47 billion in FY 2022-23, up from INR 827.23 billion in FY 2021-22.
Over the last 10 years, PSBs alone have:
Disbursed INR 392.66 billion in loans to 0.46 million students for overseas education.
Despite a dip during the pandemic (2020-21), both the number of students and the loan values have shown consistent growth:
In 2012-13, 20,370 students received loans worth INR 11.8 billion.
By 2019-20, 62,950 students were funded with loans totaling INR 58.8 billion.
In 2021-22, the number of students jumped to 69,890, with disbursed loan amounts surging to INR 75.8 billion, marking a 6-fold increase from 2012-13 levels.
This robust growth in educational infrastructure, combined with increasing investments in overseas education and supportive financing mechanisms, reinforces India's transformation into a global educational powerhouse
BUSINESS STRENGTHS
1. Strong International Student Recruitment Capabilities
Crizac is a leading B2B education platform offering international student recruitment solutions to global institutions in the UK, Canada, Ireland, Australia, and New Zealand. Between FY 2023 and FY 2025, applications were sourced from over 75 countries through a vast agent network registered on its proprietary technology platform.
(Source: F&S Report)
2. Deep Institutional Relationships Across Key Geographies
Over FY 2023–2025, Crizac partnered with more than 173 global institutions of higher education, primarily across the UK, Ireland, Canada, and the USA. Among the top 30 institutions by revenue, over 20 have maintained a relationship exceeding 5 years, demonstrating long-term trust and collaboration.
3. Extensive and Diversified Agent Network
As of March 31, 2025, the company had 10,362 Registered Agents globally, with 3,948 Active Agents across 39+ countries, including India, the UK, Nigeria, Pakistan, Bangladesh, Nepal, and Canada. A robust internal system ensures the selection and nurturing of agents aligned with the company's goals.
4. Scalable, Proprietary Technology Platform
Crizac's technology platform offers a centralized, cloud-backed system that connects agents and institutions seamlessly. The platform supports application uploads, document management, and eligibility assessment based on institutional criteria, significantly improving efficiency and data security.
5. Experienced Leadership and Skilled Workforce
Founded and led by Dr. Vikash Agarwal, a veteran with 20+ years of experience, alongside co-promoters Manish and Pinky Agarwal (each with 14+ years of experience), the company benefits from strong leadership. As of March 31, 2025, the team comprised 368 employees and 12 consultants, including specialists in agent relations, application assessment, and university partnerships.
6. Proven Financial Discipline and Sustainable Growth
Crizac has consistently delivered profitable growth without relying on external equity or debt financing. Its operations are supported entirely by internal accruals and efficient working capital management, reflecting strong financial prudence and operational efficiency.
BUSINESS STRATEGIES
1. Strengthening and Expanding the Global Agent Network
A key growth strategy involves deepening engagement with existing agents and expanding the agent network both in India and overseas. As of March 31, 2025, the company had 10,362 Registered Agents and 3,948 Active Agents across 39+ countries, including major student source markets such as India, Nigeria, Pakistan, and Bangladesh.
2. Broadening Institutional Reach in Target Geographies
Plans are in place to expand institutional partnerships, especially in the Republic of Ireland, Canada, Australia, New Zealand (ANZ), and the USA. With India and China contributing nearly 40% of global international education expenditure and a rising demand for affordable international education, these markets present strong growth opportunities.
3. Diversifying Service Offerings Beyond Admissions
Beyond admissions, the company aims to offer a broader suite of services that support the entire international education journey. This includes areas such as student loans, visa support, accommodation tie-ups, and foreign exchange assistance, enhancing value for students and creating new revenue streams.
4. Enhancing Brand Visibility and Digital Presence
To drive future growth, efforts are underway to elevate brand recognition, emphasizing the company’s unique value proposition, including dedicated relationship managers, institutional partnerships, and a robust technology platform. Plans include strengthening online visibility, improving website UX, leveraging SEO, and offering virtual counselling for remote engagement.
5. Entering B2C Market via Inorganic Growth
Inorganic growth strategies include acquiring companies aligned with the goal of foraying into the B2C segment, directly targeting students. This shift will reduce dependency on agents and align with broader goals of offering comprehensive services, including financial aid, accommodation, and visa assistance, through strategic partnerships.
6. Advancing the Proprietary Technology Platform
Ongoing investments are being made to enhance the proprietary platform using AI and machine learning. The platform supports automated application processing, AI-driven admission predictions, and a virtual interview bot that evaluates candidate performance. Future upgrades will integrate B2C functionalities and offer a comprehensive digital ecosystem for both students and agents.
BUSINESS RISK FACTORS & CONCERNS
1. High Revenue Dependence on Select Institutions
The company’s revenue is significantly dependent on a limited number of global institutions of higher education. Any loss or non-renewal of contracts with these key institutions may adversely impact business operations, financial performance, and growth prospects.
2. Dependency on Active Agent Network
The business model relies heavily on a large and active network of global agents. As of March 31, 2025, there were 10,362 Registered Agents and 3,948 Active Agents across 39+ countries. Any significant attrition or disruption in agent relationships could negatively affect student application volumes and overall performance.
3. Dependence on Continued Collaboration with Institutions
Business growth is directly tied to maintaining strong collaborations with over 173 global institutions of higher education, primarily across the UK, Ireland, Canada, and the USA. Loss of collaboration with key institutions such as University of Birmingham, Coventry University, and Swansea University may lead to a decline in revenue and market position.
4. Geographic Revenue Concentration Risk
The company derives the majority of its revenue from the United Kingdom—95.12% in FY25, 96.13% in FY24, and 96.42% in FY23. Limited diversification across geographies increases exposure to regional regulatory or economic disruptions, which could impact operations and financial stability.
5. Exposure to Foreign Exchange Fluctuations
A substantial portion of revenue is generated outside India and denominated in foreign currencies. As a result, the company is exposed to foreign exchange risks, which may adversely impact profitability and financial condition due to currency fluctuations.
Crizac’s operations face concentrated risks due to dependence on a few institutions, heavy reliance on global agents, limited geographic revenue spread (primarily UK), and exposure to foreign currency fluctuations. Any disruption in these areas could materially affect the company’s financial performance, growth, and operational continuity.
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