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Online educator Yuanfudao raises $2.2bn as valuation doubles

One of China's 'most innovative companies' gears up for fierce cash-burning war

China's online tutoring startup Yuanfudao said it raised $2.2 billion in two funding rounds that gave the Beijing-based company a valuation of $15.5 billion, the highest among global education technology upstarts.

The first round of investment was led by social media giant Tencent Holdings with participation from Hillhouse Capital, Boyu Capital and IDG Capital. The second round was led by DST Global, according to Yuanfudao.

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