Yuanfudao, the Chinese edtech startup covering K12 and adult education, is near to close a USD 1.2 billion round, with the participation of existing investors including Tencent, private equity firm Hillhouse Capital, and Boyu Capital, 36Kr reported on Monday.
With the new capital, the company will be valued at USD 13 billion. After a USD 1 billion Series G round in March, Yuanfudao already became the most valuable edtech startup in China.
According to the 36Kr report, Yuanfudao has 3.7 million K12 students on its platforms in the fall semester and it estimates an annual revenue of between RMB 18 billion (USD 2.64 billion) and RMB 20 billion (USD 2.93 billion). For the K12 sector, the firm targets RMB 15 billion (USD 2.20 billion) of revenues, while adult education is expected to reach RMB 4 billion (USD 586 million).
The company owns the English tutoring app “Banma” (zebra, in Chinese), the all-subject education app Yuanfudao, and it operates the national civil servant exam learning site “Fenbi” (chalk, in Chinese).
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.