The fund recently lead a $24 million round in Andela, a Nigeria-based company that trains and deploys software developers. Last year it transitioned from a classroom model to a smartphone-based education company, after raising money from Sequoia Capital India.The company claims revenue has grown from Rs 45 crore to Rs 120 crore in fiscal 2016. Byju's targets students from classes 4-12 (K-12) and those taking competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT.The app called Byju's Learning App is growing at 15% month-on-month and has crossed 5.5 million downloads. Byju's, which works on a freemium model, has a conversion rate of 5-6% right now and 90% subscription renewal rate. "We are really excited to welcome an investment from Chan-Zuckerberg Initiative into Byju's, as the company continues on its mission of empowering everyone who aspires to learn.

Source: Economic Times September 08, 2016 13:23 UTC