Ruangguru's chief executive Adamas Belva Syah Devara, left, and its chief of product and partnership Iman Usman, second left, speak in press conference at Graha Sapta in Tebet, South Jakarta. (Photo courtesy of Ruangguru)
Jokowi's Millennial Advisor's Startup Ruangguru Raises $150m in Fresh Funding
DECEMBER 26, 2019
Jakarta. Ruangguru, an Indonesian online learning platform founded by one of President Joko "Jokowi" Widodo's "millennial advisors," has raised $150 million in a Series C funding led by global investment firm General Atlantic and venture capital company GGV Capital, the company said in a statement on Thursday.
"We expect the partnership would help us accelerate our mission. These firms have a strong track record of partnering with entrepreneurs and scaling sustainable business models in the education and technology sectors," Belva Devara, Ruangguru's co-founder and chief executive, said in a statement.
Belva established Ruangguru with his partner Iman Usman in 2014. The company now caters to more than 15 million students and 300,000 teachers across Indonesia, providing them with educational animated videos, quizzes, infographic summaries and mock tests. The company said it is now expanding to Vietnam.
The investment is the second one in Indonesia for General Atlantic, after it invested in food and beverage franchiser MAP Boga Adiperkasa.
General Atlantic has other education companies in its portfolio, including Byju's, Hotmart, Arco, Open Classrooms and Little Golden Star.
"We are committed to supporting all education stakeholders, including the government, teachers and parents, in helping Indonesian students achieve holistic development and become more competitive globally. We look forward to leveraging experiences from our global portfolio, particularly in technology-enabled education in emerging markets, to help fuel Ruangguru's continued expansion," said Ashish Saboo, the managing director and head of General Atlantic Indonesia.
As part of this investment, Ashish will also join Ruangguru's board of commissioners.
Jixun Foo, GGV Capital's managing partner, said Ruangguru's activities are in line with the venture capital's commitment to work with founders who show enthusiasm and intelligence in finding solutions to a variety of fundamental problems that plague society today.
"By utilizing technology to distribute quality learning materials, Ruangguru has succeeded in bringing quality and affordable education to millions of students in Indonesia. Ruangguru can realize their potential and produce a sustainable impact," Foo said.