On December 26, the Ruangguru based in Jakarta announced it had raised $150 million in a round of Series C funding led by General Atlantic and GGV Capital.
Ruangguru – which translates into the ‘teacher’s room’– provides a large tutoring and learning platform online. They offer lessons that are both self-guided and tutor-led. The former, known as Ruangbelajar and identified as’ topic-based journeys’ by the company, consists of short online how-tos featuring animations, quizzes, and tests.
Ruangguru was Successful with a Wide Focus on Online Education Covering Many Fields and Verticals
They also collaborate with more than 300,000 tutors to provide students online with videoconference lessons. More than 15 million learners are currently serving Ruangguru.
The company runs the gamut from secondary and higher education to professional training with educational offerings related to over 100 different subjects.
“We are excited to welcome General Atlantic and GGV Capital as our partners,” said Ruangguru CEO and co-founder Belva Devara in a statement. “We believe both firms understand our vision of building a significant education business in the region that supports a larger purpose, and we expect the partnership to help us accelerate our mission. These firms have a strong track record of partnering with entrepreneurs and scaling sustainable business models in the education and technology sectors. We are enthusiastic that we have the experiences and technical expertise of GA and GGV Capital.”
Ruangguru plans to use the Series C funds to support operations in Indonesia and to expand to Vietnam as well.
A Broad’s Benefits, Quixotic Model Occasionally
Over the years, Ruangguru has served a broad focus and flexible outlook. In 2017, to create LINE Academy, they partnered with the Japanese messaging app LINE. The partnership resulted in 3.2 million Ruangguru users over a span of 6 months, according to the Jakarta Post.
According to Crunchbase, the company benefited from seven previous funding rounds, grants, and acceleration programs. East Ventures, Ventura Capital, and UOB Venture included their investors. However, there was no indication of the number of previous funding rounds. The amount of total capital the company has received remains unclear. They also participated in the acceleration programs of Google Launchpad and GSMA.
“The Ruangguru team has one of the strongest founder-market fits in EdTech, having come from humble family backgrounds and staying true to their roots by dedicating themselves to improving education for their people,” said GGV Capital Managing Partner Jenny Lee, in a statement. “Through toil, sweat, and tears, Belva and Iman have grown to become role models for a new generation of Indonesians.”
GGV Capital has invested more and more in the edtech market. LiuliShuo and Lambda School are some notable recipients of their investments. The same applies to General Atlantic, who has invested in BYJU’s, OpenClassrooms, and others.
Increasingly, funding rounds such as those taken in by Ruangguru show that edtech applications rely heavily on local and regional contexts, given the capacity of the internet to connect people over vast distances.
“We are committed to supporting all education stakeholders, including the government, teachers, and parents, in helping Indonesian students achieve holistic development and become more competitive globally,” said We look forward to leveraging experiences from our global portfolio, particularly in technology-enabled education in emerging markets, to help fuel Ruangguru’s continued expansion,” said General Atlantic Managing Director Ashish Saboo, in a statement. As part of the deal, Saboo will join Ruangguru’s board.