Yuanfudao, a web-based tutoring platform primarily based in Beijing, will full a $1.2 billion spherical of financing with its post-investment valuation presumably exceeding $13 billion. In line with 36Kr report, previous shareholders Tencent, Hillhouse Capital Group and Boyu Capital participated on this spherical of financing, and the transaction is anticipated to shut shortly.
It’s price noting that that is the second financing of Yuanfudao this 12 months. On March 31, 2020, Yuanfudao accomplished financing of $1 billion led by Hillhouse Capital, and Tencent, Boyu Capital and IDG Capital following swimsuit.
After the second spherical of financing, the valuation of Yuanfudao will presumably exceed $13 billion, making it the world’s most valued on-line training unicorn enterprise.
Yuanfudao has been launched in India. Oda Class, an Indian training expertise firm led by Yuanfudao, has exceeded 1 million customers.
Yuanfudao’s present enterprise is split into Okay12 (on-line college and zebra AI lesson) and grownup training (chalk widespread examination). As of Jan. 15 this 12 months, its cumulative variety of customers has exceeded 400 million.
Yuanfudao has additionally received sponsorship offers for the Spring Pageant Gala and the Winter Olympics. Final New Yr’s Eve, Yuanfudao turned the particular accomplice of the 2020 CCTV Spring Pageant Gala. On July 13, Yuanfudao was formally introduced as an official sponsor of the 2020 Winter Olympic Video games in Beijing.