Heaptalk, Jakarta – The largest Edutech Startup in South East Asia, Ruangguru announced their new investment raised by US$55 Million or equals to IDR 801 Million (according to current exchange rates IDR 14.566). Tiger Global Management led this funding following the previous investment of US$ 150 million led by General Atlantic and GGV Capital in December 2019.
According to the CEO and former President Joko Widodo’s special millennial staff, Belva Devara, The main agenda of using these fresh funds is to accelerate their market expansion in Indonesia, Vietnam, and Thailand on the segment K-12 (student learning) and lifelong learning. This startup initially launched its expansion to Vietnam in 2019 by lanching the KienGuru. One year next, they replicate it in Thailand with StartDee.
“We are delighted to have partnered with Tiger Global and gain continuous support from GGV Capital. Both parties are the global company that has well-known in some investment portfolios in world best Edutech company,” Belva Devara, co-founder and CEO Ruangguru said.
Belva also excited about their new milestone as he mentioned that their company had faced a strong growth trajectory in the last year, and with technology, he will strengthen the business more advance to give influential impact to the education continuously.
The leader of Edtech in South East Asia become the reason why Tiger Global Management joins the investment round. Through their partner, Evan Feinberg said, that Ruangguru can change the education landscape more thoroughly.
“We also pleased to be partnering with them as they continue to innovate solutions for this market and advance high-quality education for students of all ages,” Evan Feinberg, Partner, Global Tiger Management, as released by the Ruangguru blog, today, Monday (19/4) / 2021).
Since the covid-19 pandemic hit the world, Ruangguru has successfully launched some initiatives to strengthen its positioning in the local market (Indonesia). They introduced Roboguru, an AI-based service that can help students finish their exercise through the User Generated Content technology and photo discovery – they also initiated English Academy with Cambridge curriculum on the last January 2021.
Meanwhile, for 2020, by the heap of learning from home activities, Ruangguru has also successfully served more than 22 million users worldwide. They built Skill Academy to assist users in gaining more skills that relate to the industry to their 3 million active users even the company is just one year old. It also led them to record new sales volumes for the first time even they are unwilling to disclose it.
About the Venture: Tiger Global Management and GGV Capital
Tiger Global Management, LLC is an investment firm focused on private and public companies in the global internet, software, consumer, and payments industries. This private equity firm was launched in 2003 and has invested in hundreds of companies in more than 30 countries in all funding stages.
Meanwhile, GGV Capital is a global venture company managing the US $ 9.2 billion with investments in the United States, Canada, China, Southeast Asia, India, South East, America, and Israel. Over the past two decades, the company has supported more than 400 startups worldwide, including Affirm, Airbnb, Alibaba, Big Commerce, Boss Zhipin, Grab, HashiCorp, Hello, JD MRO, Keep, Kujiale, Manbang, NIU, Opendoor Technologies, Peloton, Poshmark, Qunar / Ctrip, Slack, Square, StockX, Udaan, Wish, Xpeng, Zendesk, to Zuoyebang.
