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A Chinese EdTech startup with the support of a Russian fund intends to raise $1 billion
The world's most expensive educational startup from China, Yuanfudao, sponsored by the fund of Russian businessman Yuri Milner, announced that it plans to raise another $1 billion.
As the Bloomberg portal estimates, in the nearest future, the startup's value may grow from the current $15 billion to $20 billion.
Yuanfudao recently stated that it asked Chinese funds Boyu Capital and DCP Capital for additional support, which can significantly increase the company's worth and contribute to its technological development. At the end of October 2020, Yuanfudao already raised a $2 billion investment.
Yuanfudao is an online platform founded by former employees of the online service NetEase. It helps students and their parents find tutors, as well as to conduct online group lessons. Yuanfudao also has several offline educational establishments with over 30,000 teachers and experts. Besides Yuri Milner's fund, the company has other investors such as giants Alibaba, Tencent, and Baidu.
