Ruangguru clinches profitability in 2021 as revenue hits $103m

Ruangguru’s founders / Photo credit: Ruangguru

Ruangguru, the Indonesia-based edtech firm, jumped into the green in 2021, according to its financial report obtained from VentureCap Insights, which tracks regulatory filings.

The company raked in US$3.7 million in profits for the financial year ended December 31, 2021, up from a loss of US$1.3 million in the same period the previous year.

Its revenue also surged 62% to US$103 million in 2021. During the year, Ruangguru had more than 22 million users in the three countries where it operates: Indonesia, Vietnam, and Thailand.

The firm had US$129 million in cash in the bank at the end of 2021, a 78% jump from the previous year. Ruangguru notably received US$55 million in funding that year.

Tech in Asia ‌has reached out to Ruangguru to find out more about its 2022 numbers.

See also: Behind the rise of Google Classroom in Indonesia

The edtech industry took a major hit last year from the deteriorating macroeconomic conditions, changing investment climate, and return of offline schools in the post-pandemic era.

Several Indonesian edtech startups, including Zenius, Pahamify, and Ruangguru itself, underwent layoffs last year. In November, Ruangguru announced that it had axed hundreds of employees due to “the drastically worsening global market situation.”

“Ruangguru remains optimistic about the prospects, opportunities, and unique position that Ruangguru has to continue to provide access to quality education services for all,” a company spokesperson told Tech in Asia at the time.

The company has recently been active in acquiring edtech startups, such as Indonesia-based Schoters and Kalananti in July 2022, followed by Vietnam-based Mclass last month.