26 December 2019:
EdTech startup Ruangguru has raised $150 million in Series C round of funding. The funding round was led by General Atlantic and GGV Capital.
The company will use the fresh capital for expanding its product offering across Indonesia and Vietnam.
As part of the investment, Ashish Saboo (Managing Director and GA’s Head of Indonesia) will join the board of Ruangguru.
Ashish Saboo, Managing Director and GA’s Head of Indonesia, said, “We are committed to supporting all education stakeholders, including the government, teachers, and parents, in helping Indonesian students achieve holistic development and become more competitive globally. We look forward to leveraging experiences from our global portfolio, particularly in technology-enabled education in emerging markets, to help fuel Ruangguru’s continued expansion.”
Jixun Foo, Managing Partner at GGV Capital, said, “Our partnership with Belva, Iman, and the Ruangguru team is underpinned by our unwavering commitment to team up with local founders who show real passion and ingenuity in solving the fundamental problems of our time – education is one of them. By leveraging technology to distribute high-quality content, Ruangguru makes great education accessible to millions of students. They can unleash the true potential of these students and create a lasting impact on society as Indonesia transitions to a future that will place a premium on higher-order thinking skills.”
Belva Devara, Co-founder and Chief Executive Officer of Ruangguru, said, “We are excited to welcome General Atlantic and GGV Capital as our partners. We believe both firms understand our vision of building a significant education business in the region that supports a larger purpose, and we expect the partnership to help us accelerate our mission. These firms have a strong track record of partnering with entrepreneurs and scaling sustainable business models in the education and technology sectors. We are enthusiastic that we have the experiences and technical expertise of GA and GGV Capital.”
Iman Usman, Co-founder and Chief Product and Partnership Officer of Ruangguru, said, “The Ruangguru application provides multiple products. In addition to ruangbelajar, other products include online live tutoring, a tutoring marketplace, skills and professional training videos, as well as a corporate training platform. We focus on building a comprehensive curriculum, and most importantly, a clear and enjoyable learning experience using AI-driven personalized teaching. Currently, 80% of our students are from outside of Jakarta. This demonstrates the acceptance of our products and their effective distribution. We are proud knowing that what we do helps millions of students across Indonesia in pursuing their dreams.”
(Image – Ruangguru)