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This is among one of the biggest financing events in the Southeast Asian EdTech industry.
Image credit: Aaron Burden/Unsplash
Ruangguru has announced the completion of its Series C round of funding (December 26), co-led by General Atlantic (GA) and GGV Capital (纪源资本), raising USD 150 million.
Founded in 2014, the Indonesia-based company is the largest online platform targeting providing education-based services in the country. Leveraging AI-based technology, Ruangguru cut into the market by offering an affordable and decent education experience across a variety of subjects to the vast majority of locals.
The most popular product of the business is an Internet-based self-study platform called ‘ruangbelajar,’ developed by the co-founders – Adamas Belva SyahDevara and Iman Usman – of the EdTech startup in 2014. In short, it brings users with topic-based journeys, including animated videos, quizzes, mind maps-styled summaries, and online exam tryouts.
Apart from ‘ruangbelajar,’ products on Ruangguru also encompass online real-time tutoring services, subscription learning videos on vocational skills training and enterprise training solutions.
According to the company, it has approximately 15 million users and has managed 300,000 teachers covering over 100 subject areas.
Moreover, Ruangguru has been working with local governments to provide decent education through the Learning Management System (LMS). In 2018, Ruangguru managed to work with 32 (out of 34) provincial governments and over 326 municipalities and districts in Indonesia.
At present, 80% of the students on the platform come from regions outside Jakarta – the central district of the country.
With the fresh money, the online education startup is going to further expand its business in Indonesia and Vietnam.
“Global investment opportunities in EdTech is one of the areas that GGV Capital pays attention to particularly,” according to Li Hongwei (李宏玮), the Managing Partner of GGV Capital who focuses on the EdTech industry, as quoted in the company’s official WeChat account.
“GGV Capital will continue to cooperate with the leading companies in the field, including FengBian (风变), HuoHua (火花), ZuoYeBang (作业帮), XiaoBu (小步), Lambda School and LiuLiShuo (流利说), ” Mr. Li further commented. “Our team is ready to work closely with the team of Ruangguru, to make their vision – becoming a pivotal education company in Southeast Asia – a reality.”