Ruangguru co-founder Iman Usman at an MIT SOLVE session
Indonesia-based edutech startup Ruangguru has received US$55 million in a funding round led by Tiger Global Management, with participation from GGV Capital.
With the new financing, Ruangguru plans to further accelerate its business expansion across Indonesia, Vietnam and Thailand.
The latest round comes just a year after the Jakarta-headquartered firm closed a US$150-million Series C round led by Global Atlantic and GGV Capital.
Co-founder Iman Usman said: “Ruangguru now has strong investors with education industry expertise. We plan to leverage their expertise and network to further improve our products and our team. This will help us to provide a world-class offering of education products leveraging technology to our students and workforce in the region to make them globally competitive. We will continue to fulfil our mission to enable better access to quality education to millions of learners in Southeast Asia.”
Also Read: Indonesian edutech startup Ruangguru raises Series B round led by UOB Venture Management
Launched in 2014 as an online marketplace for private tutors, the company has since branched out into providing a learning management system (LMS). Its online platform allows teachers to create content and assign school works for students to work on. It also offers an exam practice feature on its website, as well as a mobile app that Devara dubbed as the ‘Uber for tutoring service’.
In 2020, Ruangguru expanded to Thailand by launching StartDee in 2020, after rolling out KienGuru in Vietnam in 2019. It claims to have over 22 million users.
The company has also said that this is also the first financial year where it has achieved profitability. Not surprising as COVID-19 accelerated online learning globally.
“As Southeast Asia’s leading provider of quality online education, Ruangguru is poised to further transform and improve the landscape for K-12 and adult learning,” said Evan Feinberg, Partner at Tiger Global Management.
“Since the previous Series C round, we have witnessed first hand Ruangguru’s unwavering commitment to education, especially during the trying times of the COVID-19. We will continue to support companies that are bringing a lasting impact to our future through education technology,” added Jixun Foo, Managing Partner at GGV Capital.
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Image Credit: Ruangguru
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