Home News Indonesian edutech startup Ruangguru reportedly closes US$7-8M Series B funding round

Indonesian edutech startup Ruangguru reportedly closes US$7-8M Series B funding round

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Ruangguru has recently raised a grant from global mobile operator trade body GSMA

Adamas Belva and Iman Usman, Co-Founders of Ruangguru

Indonesian edutech startup Ruangguru has been reported to have closed its Series B funding round, according to DealstreetAsia.

When contacted by e27, a Ruangguru spokesperson said that the news about the funding round “is not yet confirmed” and that the startup will make an announcement “if there is any action.”

Citing three anonymous sources close to the matter, the report said that Ruangguru has closed around US$7-8 million and is planning to use it to fuel “expansion plans.”

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There was no information on the identity of the investor(s), though it said industry experts have predicted that it is likely to be an international investors, considering the lack of local late-stage investors in the country.

The news follows the Jakarta-based startup recent grant from global mobile operator trade body GSMA, where it was one of the two only Asian companies on the list.

Also Read: Sorry, kids: Ruangguru launches an app that enables parents to monitor your study

By the time it was rumoured to be in the process of closing its Series B funding round; while the startup’s spokesperson confirmed that it has been raising a Series B round, they declined to comment and give further details about the fundraising effort.

In December 2015, Ruangguru raised an undisclosed Series A funding round from Venturra and East Ventures, which had given its seed funding round in 204.

The startup has been pushing for the development of its mobile presence.

The post Indonesian edutech startup Ruangguru reportedly closes US$7-8M Series B funding round appeared first on e27.

Source: e27

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