Indonesia’s long-stay rental provider Rukita has secured US$15 million in a Series B extension round of financing from new investors, including MPower Partners, BNI Ventures, Openspace Ventures, and NBA star Jeremy Lin.
Existing backers also participated, including Peak XV’s Surge, Golden Gate Ventures, Shunwei Capital, OCBC Ventures, and real estate veteran David Tsang.
The funding will be used to develop cutting-edge technologies, expand its service offerings, and recruit top-tier tech talent to bolster its team.
Also Read: How Rukita turned the pandemic into an opportunity to grow its co-living business
“We are looking forward to deepening our bench strength of tech talent to strengthen our platform and better serve our growing base of renters and property owners,” said Sarah Soewatdy, COO of Rukita.
Founded in 2019 by Sabrina Soewatdy and Sarah Soewatdy, Rukita aims to capitalise on the growing popularity of rental housing among Indonesia’s rising middle class and staggering millennial population.
The firm brings together property, landlords, market insights, marketplaces, financing, and tenant service.
Rukita claims to be EBITDA positive and doubling its supply growth year-on-year with 1.4 million rooms under its ecosystem and unique users of over 3 million per month.
“This funding marks a significant step forward in our journey to redefine the real estate landscape and drive accessibility to quality housing for different lifestyles and life stages,” said Sabrina Soewatdy, CEO of Rukita.
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In 2022, Rukita acquired Infokost.id, a local search site for boarding houses, for an undisclosed sum. Infokost.id was first owned by GDP Venture, a Djarum Group financing company. In December 2020, Infokost closed its operations. Rukita then took it over and revitalised it with a series of innovations.
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