Indonesian edutech startup Ruangguru confirms US$150M Series C 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.
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.