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Chinese homework application Yuanfudao receives US$300M in latest financing

China-based online-education platform Yuanfudao secured US$300.0 million of capital from its latest financing round led by Chinese social media and gaming company Tencent Holdings Ltd., TechCrunch reported.

Other investors include Warburg Pincus LLC, Matrix Partners China and IDG Capital Partners.

Yuanfuado offers a range of services, including live courses, exam problems and a homework-assistance application that allows users to scan homework problems the application solves instantly.