Indonesian education start-up bags US$150-million funding

Indonesian education start-up bags US$150-million funding

CEO of Ruangguru Belva Devara. (ANTARA/HO Ruangguru).

Jakarta (ANTARA) - Online learning platform, Ruangguru, made an announcement of having secured a series C funding of US$150 million from growth equity firm General Atlantic and global venture capital company GGV Capital, EV Growth, UOB Venture Management and a number of new investors.

"We are enthused to welcome our partnership with General Atlantic and GGV Capital. We are certain that these two corporations understood our vision to build an education company, with high social impact, which is also sustainable. We hope this partnership would help us realize our mission," CEO of Ruangguru, Belva Devara, noted in a statement received in Jakarta, Thursday.

Devara remarked that the Series C funding will be utilized to develop Ruangguru's services in Indonesia and Vietnam, in which the education technology company has been operating for several months.

General Atlantic set up a branch office in Indonesia in December 2018, and the funding to Ruangguru is the second for the investment company, after PT MAP Boga Adiperkasa.

As part of the investment, Managing Director of General Atlantic Indonesia Ashish Saboo will join Ruangguru's board of commissioners.

"We are committed to supporting the development of education in Indonesia, including in assisting the government, teachers, and parents in optimizing holistic learning activities and helping students in Indonesia to become more competitive globally. We are confident that our long-standing experience with various other education technology companies in the world can help Ruangguru grow rapidly," Saboo remarked.

Ruangguru is known for offering virtual learning services to elementary, middle school, and high school students under the program "Ruangbelajar." They also provide professional training and skill development materials and the platform for education management system for companies.

Ruangguru was formed as a startup in 2014, and in mid-2019, the platform had 15 million registrants. Some 80 percent of the platform users were from outside Jakarta.

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