Yuanfudao Set to Raise $1.2 Billion
Posted on 09/02/2020
Institutional investors are putting large amounts of money into online education. Free classes during the COVID-19 pandemic have attracted millions of new students in mainland China. Yuanfudao is a Chinese online education platform. Yuanfudao is set to raise US$ 1.2 billion in funding from existing investors Tencent Holdings Limited, Hillhouse Capital, and Boyu Capital. Yuanfudao is only 8 years old and in March 2020 raised US$ 1 billion. Yuanfudao claims it has accumulated 400 million users across China.
In the after-school tutoring segment in China, Genshuixue, TAL Online, Yuanfudao, and Zuoyebang, are the major players.