Proptech firm Rukita takes home $15m as it extends profitability streak (Update)

Photo Credit: Rukita

Like in many other industries, proptech firms are pivoting their strategies to focus on profitability as VC investments become harder to find. For Indonesia-based Rukita, profitability came after being in operation for four years

Founded in 2019, Rukita offers affordable rental options catered to the archipelago’s burgeoning middle class and millennials.

Now, the company said it has turned EBITDA positive, currently managing over 1.4 million rooms with more than 3 million unique users a month visiting its platform.

Now it has secured US$15 million in a series B1 funding round to further drive its growth. New investors in the company include MPower Partners, BNI Ventures, and Openspace Ventures.

Rukita – which was part of the second cohort of Surge, Peak XV’s accelerator program – aims to use the fresh capital to continue developing its tech, expand its services, and attract top new talent, among other initiatives.

In March 2022, Rukita acquired room rental marketplace Infokost. The acquired firm was previously owned by GDP Ventures, the investment arm of Indonesian conglomerate Djarum Group.

Rukita isn’t the only one making moves in Indonesia’s proptech ecosystem. In December 2023, Bank BTN and Mandiri Capital Indonesia (MCI) launched the BTN Fund, poised to invest in a wide range of property-related technologies including proptech, mortgage tech, and construction tech.

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Update (March 8, 10:20 am): This article was updated to clarify that Rukita had just hit EBITDA positive after four years of operation.