Tencent-backed online education firm Yuanfudao raises $1 billion in new round

BEIJING (Reuters) – Chinese online education platform Yuanfudao said on Tuesday it has raised $1 billion in a new financing round, led by Tencent Holdings and private equity firm Hillhouse Capital Group.

The fundraising, which also included investors Boyu Capital and IDG Capital, raised the valuation of the company to $7.8 billion, the company said.

Reuters reported earlier this month that Yuanfudao was close to completing a financing round that would value it at around $7.5 billion.

Reporting by Yingzhi Yang and Brenda Goh; Editing by Muralikumar Anantharaman

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