Homegrown online tutoring platform Ruangguru has secured US$150 million in series C funding from growth equity firm General Atlantic and global venture capital company CGV Capital, as well as a number of other investors.
The latest funding is one of the largest cash injections into an education technology platform in Southeast Asia, according to Ruangguru.
“We are very excited about our partnership with General Atlantic and CGV Capital. The two companies have a commendable history of supporting businesses in the education technology sector,” said Ruangguru cofounder and general director Adamas Belva Syah Devara in a statement issued on Thursday.
Belva, who co-founded Ruangguru alongside Iman Usman in 2014, currently serves as a member of President Joko “Jokowi” Widodo’s expert staff.
The company has recorded more than 15 million registered users and 300,000 registered tutors at the time of writing, having previously received series B financing from UOB Venture Management in 2017
“We are proud to support Ruangguru and help improve the development of human resources in Indonesia. We believe in Ruangguru’s high-quality, yet affordable education services, are tailor-made for the Indonesian market,” said General Atlantic managing director for India and Southeast Asia Sandeep Naik.
The recent funding is General Atlantic’s second major investment. The company previously invested in PT MAP Boga Adiperkasa, a unit of multibrand lifestyle retailer Mitra Adiperkasa.
“Our partnership with Ruangguru is in line with our commitment to team up with businesses that strive to resolve today’s most pressing issues, such as education,” said CGV Capital managing partner Jixun Foo. (rfa)