Online tutor Yuanfudao raises $120 million from Warburg Pincus, Tencent

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HONG KONG (Reuters) – Chinese online tutoring company Yuanfudao said on Wednesday it raised $120 million from private equity firm Warburg Pincus and Tencent Holdings , putting it among a raft of unicorns valued at more than $1 billion in the world’s second largest economy.