Ruangguru Announce Receive Series C Funding Over 2 Trillion Rupiah

Startups EdTech Ruangguru announced the acquisition of $150 million (over Rp.2 trillion) in Series C funding led by General Atlantic and GGV Capital. Previous investors, EV Growth, UOB Venture Management and a number of other new investors also participated in this round.

This funding is claimed to be one of the largest for a startup EdTech in South East Asia. Figures confirmed by parties Ruangguru bigger than that rumored previously, for $100 million.

According to the official statement, the funding will be used to develop products and services for the markets in Indonesia and Vietnam. General Atlantic's Managing Director for Indonesia Ashish Saboo will join the board of commissioners at Ruangguru.

"We are committed to supporting the development of education in Indonesia, including helping the government, teachers, and parents in optimizing holistic learning activities and helping students in Indonesia to become more cooperative globally," said Saboo.

Co-Founder & CEO Ruangguru Belva Devara hopes that this partnership will help the company achieve its mission of building a sustainable and high social impact education company.

"Both investment companies have a strong track record in helping other entrepreneurs in the world to develop businesses in the education and technology sector," added Belva.

Product Ruangguru not only Ruangbelajar for elementary, middle and high school students, also tutoring directly from the application, providing tutoring services, professional and skills training materials, and learning management platforms for companies.

Co-Founder & CPO Ruangguru Iman Usman added, the company is committed to continuing to build a comprehensive curriculum and using AI technology to provide learning experiences that are easy to understand and fun.

"Currently, 80% of our users are outside Jakarta. This shows that our products are widely accepted and distributed effectively," he said.

The company claims to have 4 thousand employees and provides access to more than 300 thousand private tutors. As for the number of users, it is said that there have been more than 15 million registered users.

General Atlantic and GGV have previously invested in a number of startups EdTech in various parts of the world. General Atlantic is one of the investors of startups Byju (India), Hotmart and Arco (Brazil), Open Classrooms (France), and Little Golden Star (China).

Meanwhile, GGV Capital is an investor for FengBian, HuoHua, ZuoYebang, XiaoBu, LiuLiShuo (China), and Lambda School (United States).

General Atlantic's progress in Indonesia began in December 2018 by opening its representative office in Jakarta. Ruangguru is the second local funding provided by the company after MAP Boga Adiperkasa, a retail company that operates seven exclusive brands in Indonesia.

The company is also listed as an investor for the parent of Shopee, Sea, and Zimmerman, a global fashion brand for the upper class economy.