Yuanfudao has ascended to become the most valuable private edtech company in the world.
The Beijing-based company captured a $15.5 billion valuation after closing a $2.2 billion round—climbing past India’s online learning platform, Byju, to take its place as the world’s most valuable private edtech company, according to PitchBook data.
“Yuanfudao is poised for high growth as it offers products from preschool to secondary education, which in theory, can support a child’s educational journey from the very beginning all the way through adulthood,” said Ryan Vaswani, an emerging tech analyst at PitchBook.
The company’s online education platform has about 3.7 million students in China using its suite of products, which include live tutoring, online question banks and a math problem-checking app.
Tencent led the first add-on to the company’s Series G with participation from Hillhouse Capital, Boyu Capital and IDG Capital. DST Global, which has also backed Chinese ridesharing goliath Didi Chuxing, led the second portion of the round. In March, Yuanfudao reportedly raised $1 billion at a $7.8 billion valuation.
Continue reading… “China’s Yuanfudao claims global edtech valuation crown”
