Ruangguru co-founders Iman Usman (left) and Adamas Belva Devara Syah
Updates: Ruangguru has reached out to e27 with a more complete list of their investors in this funding round.
Indonesian edutech startup Ruangguru today confirmed a US$150 million Series C funding round led by growth equity company Global Atlantic and venture capital firm GGV Capital.
EV Growth, UOB Venture Management, and a number of new investors also participated in the round.
The funding round has been reported by various media since weeks ago, but the startup has declined to comment until today.
With the investment, Ruangguru is also set to appoint General Atlantic Indonesia Managing Director Ashish Saboo as its commissioner.
The funding round itself is meant to support the company’s expansion effort to Vietnam, where it has launched under the brand Kien Guru.
“We are committed to building a comprehensive curriculum and implementing artificial intelligence in developing fun and easy to understand learning experience. Today, 80 per cent of our users are based outside of Jakarta. This shows that our products are widely accepted and evenly distributed,” said Iman Usman, Founder and Director of Products and Partnership at Ruangguru.
Also Read: Indonesian edutech startup Ruangguru receives grant from MIT SOLVE programme
Prior to this funding round, the startup announced a Series B led by UOB Venture Management.
Ruangguru recently made headlines when co-founder Adamas Belva Devara Syah was appointed as a presidential special staff by President Joko Widodo. In addition to Devara, the president also named Amartha founder Andi Taufan Garuda Putra as a presidential special staff.
The year 2019 was a big year for edutech investment in Indonesia as we see fellow edutech startups such as HarukaEdu and Zenius announcing their funding rounds this year.
HarukaEdu raises its Series C funding round in November, which was meant to support its expansion to B2B services.
Zenius also announced their funding round in October and had launched a free-to-access content offering since.
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Image Credit: Ruangguru
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