(Yicai Global) July 12 -- Ping An Insurance Group plans to take a controlling stake in online tutoring platform operator iTutorGroup to broaden its business and help make it a leader in the smart education sector.
Ping An Insurance will inject capital and resources into iTutorGroup through subsidiary China Ping An Insurance Overseas Holdings and other overseas affiliates, the Shenzhen-based insurance giant said in a statement yesterday. It did not disclose the cost or the exact size of the stake.
iTutorGroup reached unicorn status in 2015 following three rounds of funding from top investors including Alibaba Group, Temasek Holdings, GIC, Russia-China Investment Fund, Goldman Sachs, Silverlink Capital, Qiming Venture Partners, public information shows. It is valued at around USD1.6 billion.
The Taipei-based company provides over 30 million interactive training courses in English, math, Chinese and computer programing a year. It owns well-known brands such as TutorABC for adult English language learning, vipJr for children's English courses and TutorMing for Chinese language education.