37.41 percent stake in ForeignAdmits acquired by student mobility platform Crizac
Crizac, a student mobility platform, purchased 37.41% parts in ForeignAdmits’ completely diluted share capital by investing about Rs 1.25 crore. Compulsorily Convertible Debentures (CCDs) and Compulsorily Convertible Preference Shares (CCPS) have been used to arrange the investment.
The company claims that the investment will improve Crizac’s capacity to assist students and counseling partners during crucial phases of the study abroad process, such as choosing a place, paying for school, and getting a visa.
According to ForeignAdmits, it offers a proprietary technology stack that includes VisaMonk, an AI-powered visa interview simulation tool utilized by more than 3,000 students worldwide, and LoanMonk, a pre-admission loan eligibility engine that has conducted more than 80,000 evaluations through more than 17 lending partners.
Nikhil Jain, the CEO and founder of ForeignAdmits, will become Chief Product and Marketing Officer and join Crizac’s senior leadership team as part of the deal. He will be in charge of the combined platform’s consumer brand and product strategy.
Crizac is a B2B platform for recruiting overseas students that links over 400 universities in the UK, Canada, Ireland, Australia, and New Zealand with a global network of education brokers.
An AI-focused platform for student mobility, ForeignAdmits provides resources for university research, admissions, financing for school, and preparing for visas. The company claims that its products have helped more than 100,000 students in more than 15 countries, collaborated with more than 800 partner consultancies, enabled education loans totaling more than Rs 1,500 crore, and helped more than 3,000 students prepare for visas.
