On August 14, Indonesian edtech company Cakap announced significant progress in the first half of 2024, underscoring the robust potential of Indonesia’s education sector despite facing global economic uncertainties.
Cakap’s co-founder and CEO, Tomy Yunus, shared that the company reached “significant milestones,” reflecting positive trends and a solid trajectory in business development. A key highlight was the company’s advancements in innovation, marked by the recent acquisition of ISO certifications for consumer data security and quality management in education.
By mid-2024, Cakap reported enrolling over 5 million students cumulatively, with the platform supporting more than 2,800 educators across a diverse range of 1,500 courses. The largest concentration of students is based in Jakarta, followed by West Java and Banten. The platform also saw substantial growth in student numbers outside of Java, particularly in North Sumatra, South Sumatra, and West Nusa Tenggara, signaling increasing demand for language and vocational courses beyond the Greater Jakarta region.
Cakap’s upskill courses in business management, technology, and career development have proven particularly popular among the workforce, with the 20–29 age group leading in participation, followed closely by the 10–19 age group. English remains the most sought-after language course, with growing interest in Japanese, Korean, and Mandarin as well.
The company reported a 158% increase in revenue across all business pillars in the first half of 2024 compared to the same period in 2022. “We’ve maintained a positive EBITDA since 2020 and are confident in meeting our targets for 2024,” said Jonathan Dharmasoeka, CFO of Cakap.
Cakap has also been proactive in expanding its partnerships, particularly through its involvement in Indonesia’s Ministry of Education and Culture’s Certified Independent Study (SIB) program. This initiative enables university students to earn academic credits by taking courses from providers like Cakap, enriching their educational experience and reinforcing Cakap’s role in supporting national education development.
On the international front, Cakap has forged strategic partnerships, including a collaboration with an international development consultancy working with global donors and governments, including the United States, to develop a massive open online course (MOOC) focused on climate finance. This program delves into crucial topics such as climate adaptation financing, fiscal policy, and climate mitigation financing. Additionally, Cakap has diversified its business portfolio by offering services to the financial sector, establishing partnerships with banks and multifinance companies.
Cakap Kids Academy (CKA), the company’s dedicated pillar for children’s education, has maintained an occupancy rate exceeding 80%, with strong student engagement in its science, technology, engineering, art, and math (STEAM) programs. Cakap plans to expand CKA’s presence within Greater Jakarta in the third quarter of 2024, aiming to provide more enriching educational opportunities for children across the city.
Cakap remains steadfast in its commitment to innovation and making a positive impact within the broader community. The company continues to focus on advancing Sustainable Development Goals (SDGs) 4, 8, and 10, which encompass quality education, decent work and economic growth, and reducing inequality.
This article was written in partnership with Cakap.