Cakap an Indonesian EdTech startup raises $10 Million

Yunus and his partner, Yohan Limerta, created Cakap an EdTech startup, seven years ago in Indonesia. For students and business clients, the organization offers a two-way learning program in multiple languages, including English, Mandarin Chinese, and Japanese. It presently employs nearly 1,000 Indonesian and international teachers.
Cakap raised $10 million in a funding round led by Heritas Capital of Singapore and Centauri Fund, a fund backed by Telkom Indonesia's MDI Ventures and Korean investment firm KB Investment.

Cakap plans to use the funds to advance its technology by investigating the application of machine learning and artificial intelligence to provide users with more tailored learning through adaptive learning. It also intends to expand into Indonesia's other cities.

Kenneth Li, a partner at Centauri Fund quoted. "Technological advancements will enable Cakap to provide Indonesians with a broader range of learning options, having a larger influence on unexplored prospective markets would be really beneficial."

According to Cakap, Indonesia's education sector, including offline and online, surpassed $80 billion this year, growing at a 10% annual rate, making it the world's third-largest education market after China and India.
Cakap claims to have turned a profit in the previous two years and claims to have 1.5 million students using their language learning app. Cakap's founders and CEO, Tomy Yunus, is optimistic about the company's future growth, aiming for a total of 2 million students by the end of this year.

"We're developing technology that will enable teachers to have a greater influence." We may enter the metaverse in the future, but for now, we are optimistic that the engagement in our app will push students to complete their studies," Yunus remarked.