China-based online education platform Chuanke.com has been acquired by internet company Baidu, China Money Network reported on Friday citing local news reports.
The amount paid by Baidu, which made an eight figure dollar investment in another China-based online education company, Wanxue, last month, has not been disclosed.
The acquisition will provide an exit to Germany-based media group Bertelsmann. Chaunke raised ‘several millions of dollars’ in a series A round from Bertelsmann Asia Investments, the Asia-focused investment arm of Bertelsmann, in 2012, and $10m in series B funding in 2013 from Baidu.
K2 Ventures and Ameba Capital provided an undisclosed amount of seed funding for Chuanke in 2011.