Online tutoring start-up Yuanfudao raises $2.2 billion

Beijing-based education technology startup Yuanfudao has secured $2.2 billion from major Chinese and international investors in two recent rounds of financing.
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One round of financing was led by Chinese social media and gaming giant Tencent, with participation from Hillhouse Capital, Boyu Capital and IDG Capital, Yuanfudao said in a statement. Yuanfudao raised $1.2 billion in the round, Reuters has reported.

A second round was led by DST Global, and other investors include CITICPE and Singapore investors GIC and Temasek.

The company said it currently has 400 million users in China.

In March, it raised $1 billion, valuing it at $7.8 billion.

Yuanfudao’s main rival Zuoyebang has also started a new fundraising drive at a valuation of $10 billion, Reuters reported.