Indonesia-based edutech startup Ruangguru received US $ 55 million in a funding round led by Tiger Global Management, with the participation of GGV Capital.
With new financing, Ruangguru plans to further accelerate business expansion across Indonesia, Vietnam and Thailand.
The latest round comes just a year after the Jakarta-based company closed Line C is worth $ 150 million round led by Global Atlantic and GGV Capital.
“Ruangguru now has strong investors with expertise in the education industry,” said co-founder Iman Usman. We plan to leverage their expertise and networks to further improve our products and our team. This will help us deliver world-class educational products, leveraging technology for our students and workforce in the region to make them globally competitive. We will continue to fulfill our mission to provide better access to quality education for millions of learners in Southeast Asia. “
Launched in 2014 with the name an online marketplace For private tutors, the company has since branched out into a learning management system (LMS) offering. Its online platform allows teachers to create content and assign school jobs to students. It also offers a test preparation feature on its website, as well as a mobile app that Devara calls an ‘Uber tutor service’.
The company also said that this was also the first financial year it achieved a profit. Not as surprising as COVID-19 Online learning accelerates globally.
Evan Feinberg, Partner at Tiger Global Management, said: “As Southeast Asia’s top quality online education provider, Ruangguru is poised to transform and further improve the landscape for adult learning and K-12, ”said Evan Feinberg, Partner at Tiger Global Management.
“Since the previous Series C round, we have seen Ruangguru’s steadfast commitment to education, especially during the COVID-19 testing period. We will continue to support companies that are making a lasting impact on our future through educational technology, ”adds Jixun Foo, Managing Partner at GGV Capital.
Image credit: Ruangguru