China-based online education services provider Hujiang.Com has closed a RMB1bn ($158m) series D round featuring publishing firm Wanxin Media, China Money Network reported yesterday.
Wanxin was joined by investment group China Minsheng Investment Corp and undisclosed additional investors. Investment bank Hina Group acted as financial advisor on the deal.
Founded in 2006, Hujiang claims to be China’s largest e-learning platform, offering vocational and arts courses as well as courses in 10 different languages. The company, which has accumulated more than 90 million registered users, also offers study tools, video learning and study communities.
Hujiang reportedly raised an eight-figure renminbi amount of series A funding in 2009 before securing an additional $20m in series B capital from internet services provider Baidu in 2013. Baidu invested a further $100m in the company in February this year.
The funding comes as Hujiang undergoes a structural reorganisation with a view to preparing for an initial public offering in its home country, according to statements made by the company at a press conference.