Crizac is tapping the public markets with a fully Offer-for-Sale (OFS)-based IPO of INR 860 crore, scheduled for 2 to 4 July 2025. Operating in the rapidly growing international education recruitment sector, Crizac presents itself as a B2B aggregator platform facilitating student enrolments into global universities. Crizac IPO review takes a closer look at how its technology-backed model and extensive agent network support its scalability, while also examining concerns around the OFS-only structure and premium valuation.
Crizac IPO Review: Industry Overview
The global international student mobility market has grown rapidly over the last decade with 6.9 million students studying abroad in 2024, up from 4.8 million in 2015. USA, UK, Canada, Australia and Germany account for over 60% of this number, driven by globalisation, rising incomes and demand for international degrees.
India is a key player in this trend and is one of the top two source countries. 13 lakh Indian students went abroad in 2023, and it is projected to exceed 15 lakh by 2025. The UK and USA are the top destinations, and both saw a 23% YoY growth in Indian enrollments in 2024.
This growth directly benefits Crizac which gets a large chunk of student applications from India and has strong institutional ties in the UK, its key destination market. This scales the platform and monetises through recurring contracts.
Simultaneously, the overseas education space is undergoing rapid digitisation. Legacy consultants are being replaced by scalable, tech-driven platforms offering automation and transparency. Crizac, with its B2B tech backbone connecting 10,000+ agents to 173+ global universities, is well-aligned with this transformation.
With India’s outbound education market valued at USD 28 billion (~INR 2.39 lakh crore) in 2023—and universities increasingly outsourcing student recruitment—Crizac is positioned as a strategic intermediary. The addition of ancillary services like loans, forex, and housing can further expand its wallet share and move it toward a full-stack “education mobility infrastructure” model.
In essence, Crizac stands at the intersection of three structural tailwinds: booming outbound student demand from India, global university outsourcing, and edtech-led disruption, making the macro environment highly supportive of its long-term growth.
Business Model Analysis
Crizac operates as a B2B education technology platform, specialising in cross-border student recruitment. It acts as a two-sided marketplace: on one end, it has 10,362 registered education agents from over 75 countries; on the other, it is partnered with 173+ global institutions, predominantly in the United Kingdom. These include prominent universities such as Birmingham, Coventry, and Glasgow Caledonian.
The company’s proprietary technology platform is its operational backbone. It automates and manages application tracking, communications, analytics, and agent onboarding, which has helped Crizac maintain a lean headcount while processing a staggering 7,11,000+ student applications between FY23 and FY25. In FY25 alone, 3,948 agents were active on the platform, with 2,237 from India and 1,711 from other geographies such as the UK, Nigeria, Vietnam, and Pakistan. India remains its core supply market for student applications.
Crizac’s revenue model is primarily commission-based, wherein it earns a percentage cut from the tuition fees or placement revenue shared by partner universities. It does not directly charge students or agents, creating low-friction onboarding. The company is now actively trying to expand into high-ticket geographies like the USA and ANZ, where it has recently signed institutional agreements.
Geographically, its operational and consulting presence spans India, the UK, Cameroon, China, Ghana, and Kenya. This indicates both supply-side focus (India, Africa) and demand-side proximity (UK, US). Notably, its platform supports agents in navigating visa processing, application guidance, and student counselling, though these remain value-added, commission-based extensions rather than direct monetised services.
The business is exploring forward integration into B2C (direct-to-student) channels, intending to bypass agents partially. This will require significant investment in brand, counselling capabilities, and localised student marketing — areas where the company is currently underweight but planning inorganic expansion.
Crizac IPO Review: Valuation & Peer Comparison
At the upper price band of INR 245, the stock is valued at a P/E of 28.03x FY25 earnings. Comparable listed peers include:
Peer Comparison Table
| Company | P/E Ratio | EPS (INR) | ROE (%) | Revenue (INR Cr) | Business Model |
|---|---|---|---|---|---|
| Crizac | 28.03 | 8.74 | 30.4 | 849.49 | B2B education aggregator |
| IndiaMART Intermesh | 27.18 | 91.59 | 25.2 | 1,388.34 | B2B e-marketplace |
| IDP Education (Global) | 7.86 | 0.48 | 25.5 | 103.73 | Direct counseling & student placement |
Crizac trades at a premium to global education players like IDP Education, largely due to its higher earnings and asset-light model. While the valuation is comparable to IndiaMART, Crizac’s niche international education focus and higher ROE support its premium.
Financial Snapshot
Crizac has demonstrated robust top-line growth with consistent profitability, although margins have fluctuated as scale expanded. Below is a comprehensive view of key consolidated financial metrics over the last three fiscal:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Ops | 274.10 | 530.05 | 849.49 |
| Total Expenses | 171.59 | 396.96 | 682.34 |
| EBITDA | 104.90 | 71.65 | 212.82 |
| EBITDA Margin (%) | 38.23 | 13.52 | 25.05 |
| PAT | 110.11 | 117.92 | 152.93 |
| Net Profit Margin (%) | 40.17 | 22.25 | 18.00 |
| EPS (INR) | 6.29 | 6.74 | 8.74 |
| ROE (%) | 50.06 | 34.74 | 30.38 |
| ROCE (%) | 67.74 | 54.92 | 40.03 |
| Debt/Equity | 0.00 | 0.00 | 0.00 |
Despite rising costs in FY24 due to contract terminations and platform investments, the company rebounded in FY25 with EBITDA and net margins stabilising. Zero debt and rising cash reserves reflect sound capital discipline and operational sustainability.
Crizac IPO Review: Strengths
- Scalable with Operational Efficiency: Crizac’s proprietary tech platform can handle huge volumes of student applications with minimal human intervention. This scalability is reflected in 7,11,000+ applications processed between FY23 and FY25 with just 368 people, that’s a lot of operational leverage.
- Network Effect: With 10,362 agents across 75+ countries and 173 university partnerships, Crizac has a strong network effect. More agents mean more student applications, which in turn means more institutional tie-ups – a self-reinforcing loop.
- Geographic Focus: Crizac’s dominance in the India-UK education corridor is the largest outbound student market in the world. This corridor is one of the most profitable in terms of volume and university commissions.
- Consistently High Return Ratios: ROE has stayed strong at 30.4% in FY25 despite rising expenses, and the company boasts ROCE of 40.03%. These metrics underline capital efficiency in an asset-light model.
- Cash-Rich, Debt-Free Balance Sheet: With INR 52.47 crore in cash and no borrowings, Crizac has the flexibility to fund growth organically or inorganically.
- Institutional Trust and Retention: Long-standing relationships with reputed UK universities signal high trust and recurring revenue visibility, which acts as a competitive moat.
- Platform Stickiness: The platform’s embedded services—from application tracking to document verification and visa support—create high switching costs for both agents and institutions.
Crizac IPO Review: Risk Factors
- Termination Liability: In FY24, a critical commercial contract with Crizac Informatics was terminated, costing INR 74.88 crore in break fees. This is now a sunk cost but exposes dependence on specific channel structures.
- Revenue Concentration: Heavy reliance on India for agent traffic and the UK for institutional partners presents regional exposure risk.
- Pure OFS: No proceeds go to the company, potentially capping reinvestment capacity.
- B2C Transition: While planned, the direct-to-student model has yet to materialise. Failure here could limit future revenue expansion.
Selling Shareholders
Below is the details of the selling shareholder in OFS:
- INR 723 crore by Pinky Agarwal
- INR 137 crore by Manish Agarwal
Pre-IPO Shareholding Pattern (As of 20 June 2025):
| Sr. No. | Name of Shareholder | No. of Shares | % of Pre-Offer Capital |
|---|---|---|---|
| 1 | Pinky Agarwal | 8,21,18,336 | 46.93% |
| 2 | Manish Agarwal | 5,34,82,885 | 30.56% |
| 3 | Anita Agarwal | 1,66,85,532 | 9.53% |
| 4 | Pinki Agarwal | 69,73,313 | 3.99% |
| 5 | Kiran Jain | 52,49,475 | 3.00% |
| 6 | Usha Agarwal | 52,49,475 | 3.00% |
| 7 | Dr. Vikash Agarwal | 52,23,484 | 2.99% |
| Total | 17,49,82,500 | 100.00% |
Final Verdict
Crizac IPO review sheds light on a compelling growth narrative in a digitising education export industry. Its track record, profitability, and global reach are laudable. However, the IPO’s OFS-only nature, stretched valuation, and operational risks warrant cautious optimism. Investors seeking exposure to a niche international education aggregator with tech backing may consider subscribing with a medium-term view.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.