Indonesia’s top edtech startup raises $150m round led by General Atlantic, GGV Capital

Ruangguru, an education technology startup headquartered in Jakarta, has secured US$150 million in its series C funding. EV Growth, UOB Venture Management and a number of new investors also participated in the round, which was led by General Atlantic and GGV Capital.

The startup claims that its latest fundraise is one of the largest for an edtech company in Southeast Asia. Ruangguru says it will use the fresh capital to expand its product range across Indonesia and Vietnam.

Ruangguru’s founders / Photo credit: Ruangguru

General Atlantic and GGV Capital are not newcomers to the education sector. General Atlantic is an investor in Byju’s, the world’s most valuable edtech company that offers an online self-learning platform in India. Meanwhile, GGV Capital has backed some edtech startups in China, such as ZuoYeBang and publicly listed LiuLiShuo as well as US-based Lambda School.

Ashish Saboo, managing director of General Atlantic and head of its Indonesia unit, will join Ruangguru’s board.

Tech in Asia previously reported that Ruangguru was raising around US$100 million in a round led by General Atlantic, citing a source.

Founded by Adamas Belva Syah Devara and Iman Usman in 2014, Ruangguru offers online video subscriptions as well as a private-tutor marketplace and corporate learning. It serves more than 15 million students and manages 300,000 teachers, making it the leading edtech company in Indonesia.

In 2014, Ruangguru completed its seed round, which was led by East Ventures. It closed a seven-digit series A round led by Venturra Capital in 2015 and was followed by a series B round led by UOB Venture Management two years later. The startup didn’t reveal the amount of its previous funding rounds.

Ruangguru recently entered the Vietnamese market by launching a platform called Kien Guru in October 2019.