Venture

The Briefing: Zuoyebang Lands $1.6B, India Startup Funding Hit $9.3B, And More

The Briefing

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Zuoyebang lands $1.6B for online education

China-based online learning app Zuoyebang announced that it has raised $1.6 billion in a Series E+ funding round, bringing total known investment to date to around $2.9 billion.

Backers in the round include Alibaba Group, Tiger Global Management, SoftBank Vision Fund, Sequoia Capital China and FountainVest Partners. The latest investment follows a $750 million fundraise in June. The funding comes as online education remains a red-hot sector for venture investment.

Founded in 2014, Beijing-based Zuoyebang focuses on online courses and homework help for kindergarten through 12th grade students and claims around 170 million monthly active users.

Other news

  • Indian startups brought in $9.3B in 2020: Indian startups raised around $9.3 billion so far in 2020, according to data from research firm Tracxn. The totals are down significantly from 2019, when startups in India brought in an estimated $14.2 billion.
  • China orders Ant Group to revamp business: Chinese regulators reportedly ordered fintech giant Ant Group to fix a number of professed business failings. The move follows the government’s intervention to halt the company’s plans for a record-breaking share listing last month.

Illustration: Dom Guzman

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