Thursday, 2023 September 28

Online tutoring company Zuoyebang mulls US IPO to raise USD 500 million, report says

Beijing-based online education provider Zuoyebang is planning a US listing as early as the second half of this year, aiming to raise at least USD 500 million, Bloomberg reported on Wednesday, citing unnamed sources.

The company is one of the best-funded edtech firms in China. It closed its Series E+ round at the end of last year, securing USD 1.6 billion after collecting USD 750 million in June. Rival Yuanfudao raised USD 1 billion in its Series G round in March 2020.

Zuoyebang was founded in 2015 and now runs a series of apps that offer live classes, oral arithmetic, and AI-driven courses for kids, among other things. Its main app provides answers and analysis to 300 million academic questions drawn from China’s education curricula.

In China, 70% of K–12 students are users of the tutoring service. In particular, 65 million people have viewed its livestreamed classes. At the beginning of the academic year last autumn, 10 million users signed up as paying customers.

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Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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