Yuanfudao, an online tutoring platform based in Beijing, will complete a $1.2 billion round of financing with its post-investment valuation possibly exceeding $13 billion. According to 36Kr report, old shareholders Tencent, Hillhouse Capital Group and Boyu Capital participated in this round of financing, and the transaction is expected to close shortly.
It is worth noting that this is the second financing of Yuanfudao this year. On March 31, 2020, Yuanfudao completed financing of $1 billion led by Hillhouse Capital, and Tencent, Boyu Capital and IDG Capital following suit.
After the second round of financing, the valuation of Yuanfudao will possibly exceed $13 billion, making it the world’s most valued online education unicorn enterprise.
Yuanfudao has been launched in India. Oda Class, an Indian education technology company led by Yuanfudao, has exceeded 1 million users.
Yuanfudao’s current business is divided into K12 (online school and zebra AI lesson) and adult education (chalk common exam). As of Jan. 15 this year, its cumulative number of users has exceeded 400 million.
Yuanfudao has also won sponsorship deals for the Spring Festival Gala and the Winter Olympics. Last New Year’s Eve, Yuanfudao became the special partner of the 2020 CCTV Spring Festival Gala. On July 13, Yuanfudao was officially announced as an official sponsor of the 2020 Winter Olympic Games in Beijing.