Management

• Dr. Vikash Agarwal (Chairman and Managing Director),
• Pinky Agarwal (Non-Executive Director),
• Rakesh Kumar Agrawal (Independent Director),
• Anuj Saraswat (Independent Director),
• Payal Bafna (Independent Director),
• Kashish Arora (Company Secretary and Compliance Officer),
• Manish Agarwal (Whole Time Director and Chief Financial Officer)

Use of Proceeds

The total issue size is Rs 860 cr, which comprises of offer for sale (OFS) of Rs 860 cr. The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.

Competitive Strengths

Established Provider of International Recruitment Solutions Crizac is a B2B education platform offering international student recruitment services to higher education institutions in the UK, Canada, Ireland, Australia, and New Zealand. With a strong presence across these regions, Crizac has developed significant expertise in cross-border student recruitment. During Fiscals 2025, 2024, and 2023, the company sourced applications for enrolment into global institutions from over 75 countries. This was enabled through a wide network of globally registered agents who operate on Crizac’s proprietary technology platform, making them a seasoned player in international education recruitment.

Strong Institutional Relationships Across Regions and Disciplines Over the years, Crizac has built long-standing relationships with more than 173 global institutions of higher education, primarily across the UK, Ireland, Canada, and the USA. Their institutional reach spans diverse academic disciplines. Out of their top 30 revenue-generating institutions during Fiscals 2025, 2024, and 2023, more than 20 have maintained partnerships with Crizac for over five years. This track record reflects deep trust, consistency in delivery, and Crizac’s ability to cater to the unique needs of each institution, solidifying its reputation within the global education ecosystem.

Extensive Global Network of Educational Agents As of March 31, 2025, Crizac had a network of approximately 10,362 educational agents registered on its proprietary platform. The company has developed an internal framework to identify, connect with, and nurture these agents. This process ensures quality control and long-term collaboration. These agents are instrumental in sourcing applications from students across over 75 countries, forming the core of Crizac’s recruitment capabilities. Their distributed presence ensures market coverage, localized outreach, and a reliable funnel of applications aligned to institutional goals.

Scalable and Insightful Proprietary Technology Platform Crizac’s proprietary technology platform is designed as a one-stop solution for institutions and agents, enhancing the efficiency and accessibility of the application process. It enables application tracking across various metrics such as volume per institution, application stages, and agent-wise performance. The platform also allows for historical analysis, including trends and timelines of offer rollouts. In January 2024, Crizac purchased its core application management software from its group company Crizac Technologies Pvt. Ltd. for Rs 103.56 crore, a transaction made on arm’s-length terms and supported by a valuer’s report. The platform is central to Crizac’s scalability and data-driven operations.

Peer Comparison

Key Risks & Concerns

Customer Concentration Risk - Crizac is highly dependent on a limited number of global institutions for its revenue. In FY25, the top 3 clients accounted for 85%, and the top 10 accounted for 70.56% of revenue. Loss of even a few key clients could significantly dent financial performance.

Agent Dependency Risk: - The company relies heavily on thousands of third-party agents to drive student enrolments. Any disruption in relationships, misconduct, or underperformance from these agents could hamper student intake and revenue.

Regulatory and Immigration Risk: - Crizac’s operations are directly linked to student visa and immigration policies of foreign governments, especially the UK. Any tightening of visa norms, geopolitical shifts, or restrictions on international students could reduce demand for its services.

Reputational Risk from Fraudulent Activity - Crizac could be implicated in visa fraud or illegal admission processes due to actions by students or agents—even unintentionally. Such accusations could severely harm credibility, trigger legal action, and affect global partnerships.

Outlook and Valuation

Crizac is a well-established player in the B2B education recruitment space, with a proven track record of processing over 7 lakh student applications from 75+ countries in just the last three fiscals. Its deep relationships with 173+ global institutions and a 10,000+ agent network provide strong entry barriers for competitors. With an asset-light, tech-enabled model and high-margin success-based revenue, Crizac is well-positioned for sustained, scalable growth. Its expansion into geographies like Canada, Ireland, ANZ, and USA further strengthens its addressable market.

Crizac’s clear focus on deepening agent networks—especially in high-potential regions like China, Africa, and Latin America—will diversify sourcing and drive incremental growth. At the same time, their plan to expand institutional partnerships across Ireland, Canada, and the USA taps into key international education markets. Their diversification into ancillary services such as visa assistance, student loans, foreign exchange, and accommodation guidance will not only broaden revenue streams but also enhance stickiness across the student lifecycle. With India and China comprising 40% of the global student outflow, Crizac is strategically placed to capture long-term growth in overseas education demand.

Crizac’s investment in AI- and ML-powered enhancements to its proprietary platform will significantly improve application tracking, personalization, and operational efficiency. These upgrades—combined with planned virtual counselling and expanded digital presence—will modernize user experience and attract a wider global audience. The company’s proposed entry into the B2C model via inorganic growth offers significant upside by unlocking direct access to student segments and reducing dependency on agents.

The UK and Canada have recently tightened student visa norms, introducing stricter eligibility, processing delays, and reduced benefits—directly affecting Crizac’s primary markets. As Crizac drives ~95% of its revenue from the UK, these changes heighten visa-related operational risk. Additionally, its intentions to enter the US market may be met with challenges, particularly due to the considerably higher rejection rates for study visas compared to those in the UK. The company is valued at a P/E multiple of 28x, based on the upper price band and post issue capital. The company does not have any comparable listed peer companies in India which provide international student recruitment solutions to global institutions of higher education. We believe that the Crizac story is one for the long term, and there are headwinds in the short to medium term. Therefore, it is prudent to analyze the company after its earnings are released post-listing. Hence, We recommend Avoid rating to the issue.