Chinese online education platform Yuanfudao has raised of US$2.2 billion in a Series G round of funding. According to the press statement, this funding will be in two tranches (G1 and G2) and are an extension of the company’s $1 billion Series G fundraise in March this year.
The statement also states that this round of funding doubles the startup’s March valuation from US$7.8 billion to US$15.5 billion. This makes Yuanfuadao the most valuable edtech globally followed by India’s edtech giant Byju.
The edtech startup completed its US$1.2 billion G1 round of funding in September this year and was led by Tencent, with participation from Hillhouse Capital, Boyu Capital and IDG Capital.
The US$1 billion second tranche (G2) which is currently ongoing is being led by DST Global also with participation from CITIC Private Equity Funds Management, Singapore’s Sovereign Wealth Fund GIC, Temasek Holdings, TBP, DCP Capital, Ocean Link, Greenwoods Investment and Danhe Capital, the statement noted.
The statement makes it clear that the company will invest the fresh funds for technological innovation, expansion of its services, and to accelerate product and curriculum development.