Yuanfudao is a Chinese online education platform which is backed by tech giant Tencent Holdings. In March 2020 it annouced it was financing a round that would value it at around $7.5 billion.
The round of financing was led by Tencent Holdings (0700.HK) and private equity powerhouse Hillhouse Capital Group.
Between January and mid-March 2020, Yuanfudao ranked first in in-app purchases on the Chinese app store's education category, according to mobile app performance tracker App Annie.
Yuanfudao's estimated annual revenue for 2019 was $250.3 million.