Moxsh Overseas Educon Ltd Management Discussions

Industry Overview: Student Mobility Business:

(I) MBBS Abroad 2025:

The MBBS abroad market size is expected to shrink constantly due to various reasons such as:

The program offered in Philippines is no more valid in India as per the NMC regulation.

Due to the Ukraine - Russia war, the earlier flow has completely stopped in Ukraine. also, the flow of students has gone down to Russia as well.

After the COVID pandemic, the number of students to China are going down year on year basis.

Large number of new medical institutes being opened by the government of India. The number of MBBS seats in India have almost doubled in the last 10 years.

It is expected that in 2025, the number of students going for MBBS abroad have halved in comparison to 2024.

The outlook of MBBS abroad industry does not look very great and expected to shrink to only INR 1 Bn.

The company has decided to offer the European destinations for students such as Germany & Italy to study abroad.

(II) Study in low-cost EU destinations:

With rising aspiration, career orientations and rising income, India has emerged as the worlds largest country with around 772,000 Indian students going abroad in 2022-23 to study. Around 85% of the student mobility from India happens for the Masters level. More than 80% of these Indian students chose to go to English speaking countries such as USA, Canada, UK, Australia and New Zealand. However, the trend in 2025 is absolutely changing due to geopolitical situations.

With president Trump getting elected, the students do not see USA as their safe destination due to the immigrant policies being announced.

With the collapse of India and Canada relationship under the prime minister Justin, the rising cost of accommodation in Canada are the main reason wherein there was a drop of 85% in number of students choosing Canada as their destination.

With economic recession in UK, the job prospects for the Indian students have gone down leading to drop in number of students choosing UK as their destination.

With Australian student Visa fee steeply increased and the Visa capping for Indian students by the government leading to 50% rejections, the students are no more making Australia as their preferred destination to study and migrate.

With the rising purchasing power of parents and highly aspirational students, the urge to study abroad among the youth is constantly increasing. In the next decades to come, EU is expected to take the market share of student mobility business from the English speaking countries. The company envisages exponential market growth in student flow to low-cost European countries at the Bachelor and Masters level.

With the rising cost of education in India, there is a huge possibility of expanding the number of students who can now study in Europe since the cost of tuition fees in private institutions in India almost matches with the cost to study in Europe at the public universities especially in Germany and Italy. Various programs offered by universities in Germany, Italy, Spain, France, Hungary, Latvia & Lithuania at Masters level in non-medical area such as engineering, humanities, business, management, economics and finance. This opportunity offers very low competition leading to higher profitability.

Those having low budget suiting Indian students can now study in Europe opening a huge business opportunity for MOKSH mobility division.

Most of the students looking to study abroad have immigration as their main motive in order to earn better in a better environment in a developed western country offering higher quality of life. Employment opportunities with basic salary scale in developed countries of EU are far better than in India but the students need to learn local language such as German or Italian unlike English speaking countries.

This is a new market being tapped by the company is around INR 150 Billion and expected to grow 3 times in the next 5 years.

(III) MBBS in India Counselling support:

The company has introduced a new product for NEET UG aspirants providing online counselling support for MBBS in India. Around 23 Lac students appear for NEET UG exam out of which around 12 Lac qualify for Indian medical seat for which on average spend around INR 15,000 for this service. This is a new market being tapped by the company is around INR 18 Billion.

Industry Overview : Online Academy:

(IV) FMGE / NExT exam for Medical graduates:

The students choosing to go abroad have to appear for a License Exam namely FMGE (Foreign Medical Graduate Exam) if they wish to practise as a registered physician. After spending 6 years of studying and a huge amount towards fees and living cost, an average of 80% of the doctors failed to qualify in FMGE! NMC has replaced this exam with National Exit Test (NExT) and made it applicable to all the medical graduates passing from India or abroad.

In FMGE 2025, only 18% of the students cleared the exam making it further clear to the students that there is no point of entering into MBBS without a solution for the Exit exam. The result of the last 10 years are given in the below table.

MOKSH Academy trains the students for this exam during their journey of MBBS abroad so that they are ready for the exam right from the beginning. For this, the company has launched an App on Android and iOS system accessed by hundreds of students. This market of FMGE is around INR 500 Crores, almost double that of counseling and placing the students abroad for MBBS (Around Rs. 250 Crores!) MOKSH is the only Indian company in this category providing both the services.

A unique Combo offer has been devised and offered to the students going abroad.

As per the new regulation published by NMC (National Medical Commission), the medical students being inducted in 2024 will also need to appear for such license exam. Around 3.7 Lac students currently study in 784 medical colleges India.

The real value, ROI and respect sought by the doctors is at PG level and is not available for MBBS degree holders in the market. However, the ratio of UG to PG medical seats in India is highly skewed in low-cost government medical colleges while the cost of a medical PG in private medical colleges is extremely high. While India produces 110,000 medical graduates, the government medical PG seats are only 24,000! This has led to alternative routes for the medical graduates to shift to US and UK market for their post graduate studies. It is estimated that around 10% of the Indian medical aspirants (Around 30,000) prepare for USMLE and finally around 10,000 students appear for the exam annually. This market opportunity of INR 10 Bn. It is currently being tapped by MOKSH Academy.

(VI) Skilled Workforce Migration

The company has launched 3 different programs through its wholly owned subsidiary MHPL (Meduclinic Healthcare Private Limited) in the market for Skilled Workforce Migration and Talent mobility. There is a huge demand of skilled workforce in Europe in various segments including healthcare, hospitality, IT, Supply chain and Construction. Initially, the company aims to place the students in VET centers in Germany for a system named as "Ausbildung" meaning dual study programs. It is expected that around 25,000 students will be placed in this German industry sponsored training program from India in 2025-26 which will increase 10X in the next 5 years. The current market size is around INR 10 Bn.

Germany requires 20,000 graduate and experienced nurses on an annual basis. The company is in the process of signing agreement with various HR solutions company in Germany to feed the nurses demand in Germany. The current market size is around INR 5 Bn.

Company Overview:

In order to tap this huge market, the company is operating in 3 different but highly complementing segments. While it started the journey by providing options to the students to become doctors, it is providing online coaching with live classes to hundreds of medical aspirants currently based different countries including India.

Now through its subsidiary, it has launched healthcare workforce migration to Germany.

Market Opportunities:

Sr. No. Product	Market Size
Through B2C Model
1 MBBS Abroad	INR 100 Cr
2 Study in Europe	INR 15000 Cr
3 MBBs in India Counselling	INR 1800 Cr
3 NExT / USMLE Abroad	INR 300 Cr
4 USMLE	INR 1000 Cr
TOTAL	INR 18,100 Cr
Through Subsidiary (MHPL) in B2B2C Model
1 Ausbildung Program	INR 1000 Cr
2 Placing Nurses in Germany	INR 500 Cr
TOTAL	INR 1500 Cr

Tapping the huge market:

The company is all set to tap the market with variety of strategies.

Brand	Model	Products	Status
MOKSH	B2C Sales	Mobility & Academy	Flagship products
XERA	B2B Sales	All programs	1,200+ agents made
MHPL	B2B2C Sales	Talent Mobility	Launched in the
B2C Model:			market

The company has well trained pool of counselors at its "All India Counseling Center" at Bhopal as well as at various branches across India. The digital marketing and SEO efforts at the company lead to around 25,000 inquiries related with career counseling to study abroad for various courses. These inquiries are handled by the subject experts on B2C basis. For the first time, the company launched its paid counselling session for NEET aspirants.

Currently, the sales of all the products are handled from the Bhopal center centrally on B2C basis. The training of all the counselors for the branches across India takes place at this center which is operated by the whole time director Mr. Brijesh Sharma.

Channel - B2B Sales:

With student mobility and Academy products being sold and delivered for the last 12 years in India, the natural step for the company is to expand the volumes by tapping into unorganized sector of small education agents spread across India and various other countries. MOKSH has launched its own B2B global technology platform under the brand name of XERA. The applications from various agents from India, Dubai and Qatar have started in 2023 making it a rare Indian company to go global.

The management has signed an exclusive contract to place Indian students to Kokshetau State University in Kazakhstan. The university has agreed to launch Integrated NExT Batch in which every student will get access to MOKSH Academy platform to prepare for the exit exam.

The company is opening up MeduClinic offering a digital classroom in franchisee model (FOCO) in various cities. These digital classrooms will be utilized for conducting classes in hybrid model:

German language course for B1 and B2 level

Allied healthcare programs in affiliation with NSDC

Blended coaching for USMLE & MRCP UK

In future, once the health tech is developed to the satisfaction of the company, it aims to launch the AI driven healthcare delivery to the patients. The same physical location would be utilized for marketing B2B2C model of Skilled migration workforce to sign contract with the various skill institutions including Paramedical and nursing.