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IDG Capital-backed online education company Yuanfudao has closed its Series G round of $1 billion, marking the largest-ever fundraising deal in China's online education sector. Founded in 2012, the firm is now valued at $7.8 billion. By January 2020, Yuanfudao has attracted over 400 million users on its app's ecosystem, including over 1 million paid members for the flagship app Yuanfudao and 500,000 for its English and logical thinking platform Banma AI Ke. IDG Capital, which first invested in the firm in 2012, is the sole investor who has joined each financing round of Yuanfudao since Series A.
Analytics research firm TechArc has named Chinese e-commerce platform Club Factory as the top challenger to Flipkart and Amazon in India. Headquartered in Hangzhou, the e-commerce platform said its monthly active users (MAUs) has surpassed 100 million in India. Club Factory is strengthening its India leadership team and will appoint local leaders for key functions in the coming quarters. Previously, IDG Capital joined the firm's Series A round and led its $100 million Series C funding round.