JAKARTA (TheInsiderStories) - Indonesia’ homegrown edtech firm, Ruangguru, has secured US$55 million of investment led by Tiger Global Management together with GGV Capiital. Edtech is a key global investment thesis for GGV with portfolio companies such as Zuoyebang, Vedantu, and HuoHua.
The new investment following its previous $150 million Series C funding led by General Atlantic and GGV Capital in December 2019. The tech firm earlier investors include East Ventures, Venturra Capital, and UOB Venture Management.
“As Southeast Asia’s leading provider of quality online education, Ruangguru is poised to further transform and improve the landscape for K-12 and adult learning,” said Evan Feinberg, Partner, Tiger Global Management in an official statement released today (04/22).
Belva Devara, Co-founder and CEO of the edtech firm, added, “We are excited to partner with Tiger Global and have the continuing support of GGV Capital, both renowned global firms with investments in some of the best education technology companies globally.”
He continued, Ruangguru has continued to experience a strong growth trajectory in the past year and this investment will help us further expand their business and deliver meaningful impact in education, through technology. The learning platform has planning to develop products and services in Indonesia and Southeast Asian Market.
The startup had received funding series B from UOB Venture in 2017 joined with Venturra Capital and East Ventures as the main investors. Beside, the provider also raised grant funds from Australian Department of Foreign Affairs and Trade dan Atlassian Foundation International.
Ruangguru has diversified products to elementary, junior high school and senior high school. Also, there are application for tutoring, tutoring services, professional training material and management platform for the company.
To date, the firm has 4,000 employees and provided access to 300,000 of private tutor that attracted more than 15 million registered users. The edtech platform sets the target to become unicorn with value more than $1 billion. Devara asserted, his office will reach the target seeing the acceptance of the public.
To date, Ruangguru has been downloaded for more than 5 million times. Devara also wants to access 52 million of students in Indonesia soon through the application.
In Nov 2019, the tech firm has launched the business unit in Vietnam. The platform changed the name into Kienguru, adjusted to the local language. The plan which has been announced in July 2019 hoped will support the education there and bring positive impact to Indonesia.
Written by Staff Writer, Email: theinsiderstories@gmail.com
