UOB Venture Management and Ruangguru prove how impact investing pays off
This strategic partnership is delivering social and financial returns while also helping to shape the future of learning in Southeast Asia
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Scaling impact and innovation: how UOB backed Ruangguru’s mission to educate millions
For UOB Venture Management (UOBVM), impact investing has always been about more than financial gains. As Seah Kian Wee, CEO of UOBVM, explains: “Impact investing means doing well while doing good.”
That philosophy is rooted in intentionality, measurability and scalability, and is what has guided UOBVM’s Asia Impact Investment Funds since their launch back in 2015.
As the private equity arm of UOB Group, UOBVM manages more than S$2 billion (US$1.6 billion) in active funds, which include impact funds focused on identifying growth-stage companies across Southeast Asia and China that show strong potential to generate both meaningful social impact and sustainable financial returns – an approach known as the “dual bottom line”.
For its impact investing funds, UOBVM seeks businesses that are not only commercially viable and scalable, but are also improving lives in tangible, measurable ways.
To date, UOBVM’s impact investments have benefited more than 45 million people living at the base of the economic pyramid (BOP) – individuals living on less than US$3,000 per year, many of whom lack access to essential services like education and healthcare.
A stand-out example of the dual bottom line approach is UOBVM’s early and ongoing partnership with Ruangguru, Southeast Asia’s largest education technology company. Founded in Indonesia in 2014, Ruangguru was created to address major gaps in the country’s education system, which include poor infrastructure, a shortage of qualified teachers and limited access to quality learning materials.
Belva Devara, Ruangguru’s CEO and co-founder, says: “Indonesia has one of the largest education systems in the world, but also one of the most dysfunctional. We built Ruangguru to tackle these challenges with technology.”
UOBVM first invested in Ruangguru in 2017, leading the company’s Series B round and also joining its board. “Within an hour of meeting the founders, I saw their conviction to improve education, and an innovative, scalable model to achieve that,” Seah recalls.
Since then, Ruangguru’s revenue has grown by more than 100 times, and its operations have expanded to Vietnam, now reaching over 50 million students across the region. In Indonesia, 70 per cent of Ruangguru’s students live outside major cities.
UOBVM’s role has gone far beyond providing capital. As a regional investor, it draws from deep knowledge of local market conditions to support the strategic expansion of its portfolio companies. For Ruangguru, this included facilitating fact-finding trips to China and advising on the company’s successful entry into Vietnam.
“One of the most valuable things UOB has given us is their regional insight and access to their network,” Devara says. “They’ve helped us meet key partners and learn from leading companies.”
The results speak for themselves. Ruangguru’s platform now spans K-12 education, lifelong learning, language and corporate training, and is accessed more than a billion times a month. Innovations like personalised learning maps and artificial intelligence-based content recommendations are helping students optimise their learning journeys. And programmes like “Clash of Champions”, an academic competition-turned-viral hit on YouTube, are making academic achievements aspirational for a new generation.
Looking ahead, the partnership between UOB and Ruangguru is set to deepen. In celebration of its 90th anniversary, UOB is working with Ruangguru to launch UOB My Learning Space, a digital literacy initiative that will provide 90,000 underprivileged students with training in coding and computational thinking. It is a clear signal that both sides remain committed to scale and sustainability.
For Seah, the success of Ruangguru illustrates the transformative potential of impact investing in developing markets. “A great company starts with a founder having a vision. As investors, we’re here to help them grow – not just in size, but in impact. That’s what makes it meaningful.”
Check out the video to hear a conversation between Seah and Devara about impact investing and the journey that UOB Venture Management and Ruangguru have taken together.