JAKARTA (TheInsiderStories) – Indonesia learning platform, Ruangguru, completed the Series C funding worth of US$150 million from General Atlantic Indonesia (GAI) and United States’ GGV Capital, said the management on Thursday (12/26). Existing investors and a number of new investors also participated in the round.
The CEO Belva Devara explained they will use the funding to develop products and services in Indonesia and Vietnam. Earlier, Ruangguru had received funding series B from UOB Venture in 2017.
UOB Venture joined with Venturra Capital and East Ventures as the main investors in Ruangguru. Beside, the provider also raised grant funds from Australian Department of Foreign Affairs and Trade dan Atlassian Foundation International.
Commenting on the investment, managing director and head of GAI, Ashish Saboo, believed that their experience and the advancement of technology will help out the education platform growth. He will be also appointed as the commissioner in the company as part of the investment.
Beside Ruangguru, GAI eyes investment in other global education company such as Byju’, Hotmart, Arco, Open Classrooms, and Little Golden Star. Previously, the company which opened its Jakarta’ branch in 2018 also injected investment to another Indonesian company, PT MAP Boga Adiperkasa Tbk (IDX: MAPB).
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. In the next one or two years, the platform sets the target to become unicorn with value more than $1 billion.
The firm also set the strategy included new line business in vocational, new features development, massive marketing, collecting funding, human resources training and expanding to other countries.
Devara asserted, Ruangguru 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, Ruangguru just 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.
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