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‘India’s study-abroad industry has huge growth potential’

Amit Singh, founder, UniScholars, a one stop solution for all the students who want to study abroad talks about the growth in the study-abroad industry and what lies ahead for it. Excerpts: The inspiration behind startup: A student starting their study abroad journey faces many challenges. When we noticed that students have scattered information about universities, application processes and other facets of studying abroad, we realised the need for having an integrated solution that addresses every need of the student who wishes to study abroad.

The challenges:

Today the market has many unorganised platforms providing scattered information and services to students who want to study abroad. When students come to our counsellors, they are not sure about what is best for them. Their fear of not being able to achieve their dreams has to be eased, making it an everyday challenge. Apart from these fears, the ongoing student housing crisis and depreciation of the rupee has added to the stress and confusion of students.

Future of the study-abroad industry

The study-abroad industry has tremendous potential to grow, especially with India having 65% of the youth workforce; we are bound to see a surge in students and professionals opting for international courses to upscale their knowledge and skill set. Since last year, India has had the highest number of students going to the UK. With the UK having opened its graduate route VISA, UniScholars has noticed a considerable surge in students who wish to study in the UK. We think that the UK will continue to remain the destination of choice for students. Other developments like Australia having opened its borders and USA increasing its VISA window, students have many more opportunities to consider.

Business growth metrics:

Even though Covid-19 disrupted businesses, our study abroad ecosystem was profitable right since its inception. We started with the UK and grew 4x by expanding to seven more regions swiftly. In a situation where businesses were finding it difficult to launch new products, we managed to upscale three fully functional business units by helping students get study abroad loans through our lending arm—UniCreds and providing safe and premium housing through our accommodation platform—UniAcco. This ensured that the student felt comfortable, safe and secure throughout their journey even when there was global unrest. The business has grown 25x since its inception.

Success tips for aspiring entrepreneurs

To all the young entrepreneurs out there—surround yourself with people, who challenge and support you through your journey. An individual’s vision can easily be magnified with support from the right team members. Not only that, take a calculated risk wherever you can because no time is better than now to tap the market for opportunities that fill the gap for consumers.

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