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On location

We've worked with over 100 photographers around the world to help us visualize technology's impact. Can you guess where this photo was taken?
Khadija Farah for RoW
 
Kenya
South Africa
Madagascar

3 minutes with Akshay Chaturvedi

CEO, Leverage Edu 🇮🇳

Leverage Edu is a study-abroad platform that helps Indian students find courses and apply to international universities. It has, of late, also helped students get education loans, apply for visas, and find accommodation. The company, founded by Akshay Chaturvedi, has raised $70 million, and is valued at $150 million. It is one of the few profitable edtech companies in India. This interview has been edited for clarity and brevity.

What makes Leverage Edu different in the highly competitive study-abroad market in India?

Every country has traditionally had some allegiance to a certain kind of geography: Nigerians go to the U.K., while Nepali and Thai people go to Australia. Punjabis mostly go to Canada, and Gujaratis prefer going to the U.K.

Our strategy to grow has been to follow flight routes. When I'm thinking about the U.S., I'm only thinking about Houston and Dallas — as allegiance to those universities is strong in Telangana and Andhra Pradesh. We've been focused on breaking this down into absolute granular math, focusing on 193 micro-markets in India.

What has building this business taught you about the aspirations of Indian students and parents?

There are 34 million people who need higher education in India every year, and that number is growing by about 20%–30% each year. But only 1 million people go abroad. Nobody here cares about having a degree for their drawing room wall. There has to be a job at the end of the day. Most Western countries are facing a massive talent shortage, and the big answer is that India can become the talent exporter of the world. We're mobilizing talent.

With the funding winter, profitability has become important for venture capitalists. What has helped make Leverage Edu profitable?

We do focused work — 67% of all our acquisitions are organic, and we generated traffic from our AI-powered university course finder and UniConnect, which connects aspirants with university representatives. We don't depend much on Facebook and Google. We brought down costs, almost 75%, with zero customer acquisition cost — that's how we became profitable.

Another reason is the addition of different services for students: financial services, accommodation, loan, visa, and foreign exchange.

What we're reading

  • Instagram's auto-translation feature on user bios was inserting "terrorist" into English-language translations of the words "Palestinian" and "alhamdulillah" in Arabic, 404 Media found. As the Israel-Hamas war continues to escalate, many Instagram users are accusing the platform of suppressing posts that support Palestinians, raising censorship concerns in an environment already rife with misinformation.
  • North Korea dispatched thousands of IT workers, mostly to China and Russia, who used false identities to get hired as remote workers by U.S. companies and send back wages for use in its ballistic missile program, the Associated Press reports. FBI officials announced the seizure of $1.5 million and 17 domain names as part of their investigation.
  • Yugoslavia's national web domain (.yu) remained active for two decades after the dissolution of the country in the early '90s. With the eventual deletion of the domain in 2010, websites that contained important historical records to nostalgic virtual forums disappeared, highlighting issues around internet preservation, The Dial writes.

And one more thing...

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Thank you and 👋. Please forward this to a friend and do reach out to us via hello@restofworld.org. — Edited by Paula Cho
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