What began as a small Kolkata firm helping Indian students study abroad has grown into a global digital backbone for university recruitment. Founded in 2011 and entirely self-funded, Crizac built a proprietary technology platform that connects a sprawling network of recruitment agents with universities, automating the entire application process. The recurring approach is a platform-first, asset-light model that creates a network effect: every new agent, student, and university added makes the system more valuable and harder to leave behind. # Business segments A single engine with expanding capabilities - a B2B platform that earns commissions by matching students to universities, now extending into direct student services and AI-powered tools, all built on the same proprietary technology core. ## 1. B2B Student Recruitment Platform: the digital marketplace where students meet universities **A proprietary platform connects over 15,000 agents to more than 400 universities, processing applications end-to-end and earning a commission only when a student actually enrolls.** - **Paid on success, not effort** - Crizac earns a commission from the university when a student enrolls, and shares a portion with the agent who submitted the application; revenue is only recognized at that confirmed enrollment point, so the model carries no inventory or upfront payment risk. - **The platform does the heavy lifting** - agents use Crizac's technology to prepare and submit applications, which are then reviewed using AI-led automation before being passed to universities; the system includes application tracking, deadline alerts, and a unified window for all communication, so agents manage everything in one place. - **Network effects create a widening moat** - over 400 institutional partnerships exist, with the top 30 university relationships lasting more than five years, and the top 10 universities account for 66% of revenue; on the other side, agent contribution is highly fragmented, with the top 10 agents contributing just 0.5% of revenue, meaning no single agent holds bargaining power. - **A global sourcing hedge** - students are recruited from over 85 countries, with on-ground presence in 11 of those source countries including India, China, Nigeria, and Peru, which provides early visibility into demand shifts and reduces dependence on any single country's policy or currency swings. - **Scale that feeds itself** - in FY26, the platform processed roughly 394,000 applications, a 43% jump from the year before, with about 5,400 active agents submitting them; the more applications that flow through, the richer the data intelligence becomes for matching and conversion. ## 2. B2C Counseling and Immigration: going direct to the student **Through the acquisition of Global Tree Careers, Crizac now also advises students and families directly on overseas education, immigration, and permanent residency - a complementary front door to the same destination universities.** - **Bought, not just built** - a 51.04% stake in Global Tree Careers, a Hyderabad-based firm with over 10 offices and 250-plus employees, was acquired in January 2026, instantly adding a B2C channel that had been absent from the asset-light platform model. - **Beyond just admissions** - Global Tree provides consultancy on higher education, employment abroad, and permanent residency, so the relationship with a student can span years rather than a single application cycle. - **A Latin American beachhead** - the October 2025 acquisition of a 51% stake in Studies Planet, a UK-based agency sourcing students from Latin America, added a B2C presence in a region where conversion rates run at roughly 20%, about double the rate in India. ## 3. Ancillary Services Ecosystem: layering revenue onto the same student journey **Once a student is placed, Crizac can also arrange accommodation, loans, visas, insurance, and foreign exchange - services that deepen the relationship and add revenue without adding new customer acquisition cost.** - **Accommodation as a first step** - a proprietary accommodation booking platform was launched in July 2025, letting students secure housing through the same interface they used for their university application. - **Loans to unlock demand** - tie-ups with banks and NBFCs for student loans were established in FY26, addressing a major friction point for students from emerging markets who need financing to accept offers. - **A full-service vision** - visa support, insurance, and forex services are in development, aiming to turn a single enrollment into a multi-product relationship that spans the entire study-abroad lifecycle. # AI and Technology Capabilities **A 15-year-old proprietary platform is being augmented with a new AI mentorship marketplace and a strategic stake in an AI-first student mobility platform, embedding intelligence deeper into the recruitment workflow.** - **EduMentor: AI-powered peer guidance** - a USD 2.5 million commitment announced in March 2026 is funding a five-year build of a mentorship marketplace that uses AI to match prospective students with verified current students and recent graduates at target universities, based on programme, location, language, and career interests. - **ForeignAdmits: buying into AI infrastructure** - a 37.4% stake in Edument Consultancy, which operates ForeignAdmits, brings proprietary tools like LoanMonk, a pre-admission loan eligibility engine that has completed over 80,000 assessments across 17-plus lenders, and VisaMonk, an AI visa interview simulator used by more than 3,000 students globally. - **Built in-house, led by veterans** - the core platform has been developed under a Chief Technology Officer who has been with the company since its founding in 2011, and the new AI initiatives are led by an IIM Calcutta alumnus with nearly two decades in edtech. # Group Structure and Partners **A Kolkata-headquartered holding company controls subsidiaries in the UK and UAE, with acquired businesses in India and the UK operating as majority-owned subsidiaries, all led by a promoter group that still holds nearly 80% of the company.** - **Holding company and overseas arms** - Crizac Limited (India) is the listed parent, with wholly owned subsidiaries Crizac Ltd in London and UCOL FZE in Sharjah, giving it operational presence across 10 countries. - **Acquired subsidiaries** - Global Tree Careers (51.04% stake, India) and Studies Planet (51% stake, UK, held through the London subsidiary) operate as consolidated entities, while Edument Consultancy (ForeignAdmits) is an associate at 37.41%. - **Tightly held with institutional backing** - promoters held 79.9% as of March 2026, with marquee investors including Carnelian Funds (1.9%) and Allianz Global Funds (0.9%) among the institutional minority.