Chinese Online K-12 Tutoring Startup Raises $120M from Warburg Pincus

YUANFANDAO, an online tutoring platform based in China, has raised $120 million in a round led by Warburg Pincus, with Tencent, a Chinese internet and social media conglomerate, also participating. Founded in 2012, Yuanfudao currently offers live tutoring services that cover nearly every K-12 school subject, claiming more than one million paying users, according to tech blog e27. The company also offers test-prep and problem set practice problems, altogether used by more than 160 million students.