Injected IDR 801 Billion, Ruangguru Focuses on Expansion in ASEAN
The education startup Ruangguru received funding of US$ 55 million or around IDR 801 billion. The fresh funds will be used to accelerate business expansion in Indonesia, Vietnam and Thailand in the K-12 segment or TK up to grade 12.
The investment is led by Tiger Global Management. Other investors participating are GGV Capital, as well as initial investors namely East Ventures, Venturra Capital, and UOB Venture Management.
Ruangguru’s co-founder and CEO Belva Devara said, Tiger Global and GGC Capital are investing in some of the best educational technology companies globally.
“We share the same vision of the world with access to quality education for all,” he said in a press release, Monday (19/4).
He said, Ruangguru continued to experience strong growth in the past year. “This investment will help us develop our business further and have a meaningful impact on education, through technology,” he said.
Ruangguru’s co-founder and Chief Product and Partnership Officer, Iman Usman, added that Ruangguru currently has strong investors in the education industry.
“We plan to use their expertise and network to improve the product and team,” he said. This will help the company provide world-class educational product offerings.
“We will continue to fulfill our mission of enabling better access to quality education for millions of students in Southeast Asia,” he said.
Companies Are Increasingly Developing in 2021
Currently, Ruangguru serves more than 22 million users. The company claims, Net Promoter Score (NPS) in all categories reached the highest level.
In addition, revenue growth has doubled. This marks the company’s first financial year to turn a profit. Last year, Ruangguru launched StartDee in Thailand. In 2019, this educational startup was present in Vietnam under the name KienGuru.
The startup also launched Roboguru based on artificial intelligence, aka artificial intelligence (AI). Then, released at the English Academy in January 2021. Meanwhile, the number of Skill Academy users reached more than three million.
Partner at Tiger Global Management Evan Feinberg said Ruangguru is ready to change and enhance the educational landscape for K-12 students and adult learning.
“We are very happy to partner with them because they continue to innovate for the market,” he said. Jixun Foo, the Managing Partner at GGV Capital, added that the company’s sustainable investment in Ruangguru is a testament to trust in its commitment to advancing education.
“Since the previous Series C round, we have witnessed firsthand Ruangguru’s unwavering commitment to education, especially during the difficult times of Covid-19,” he said.
Previously, General Atlantic and GGV Capital led Ruangguru’s Series C funding of US$ 150 million in December 2019.
In Collaboration with SGM Eksplor
SGM Eksplor collaborates with Ruangguru through the social program “Advanced Generation Classes” which is a form of learning support for 1,000 underprivileged students in grades 4-6 of Elementary Schools (SD) throughout Indonesia.
This learning support package consists of a free subscription to the Ruangguru ‘Brain Academy Online’ service for 1 year and 1 smartphone device and internet quota.
In this program, later teachers from Ruangguru will also become mentors and directly monitor the learning development of children who take part in this program, so it is hoped that the teaching and learning process can be more optimistic.
“We believe that evenly increasing the quality of education is expected to encourage comprehensive national development going forward,” said Ruangguru’s Co-Founder and Chief Executive Officer (CEO), Adamas Belva Syah Devara.
Adamas said, as an educational startup, Ruangguru welcomed the collaboration with SGM Eksplor and Alfamart to present the Advanced Generation Class program, which is expected to optimize the learning system at home for Indonesian children.
“Especially during this pandemic, so that it can run optimally and support them to be able to continue to develop their potential achievements,” he said.