Tencent, which backed the tutoring platform's $200m series D last year, returned to co-lead a series D+ round that valued it at more than $3bn.

Qualcomm, China Mobile and SF Express are among seven cornerstone investors that will buy 10% of the shares in the Hong Kong offering.

Government house: China

Paytm has paid an undisclosed amount for the AI technology developer, which raised $7.7m in a Flipkart-backed round in 2015.

Food preparation services provider Loyal Hospitality will partner Zomato, which has invested $5m out of a planned $15m, on food deliveries.

The PayPal and Qualcomm-backed financial services app developer has received $40m from GIC and Sequoia China, taking its total funding to $117m.

The Indian innovation ecosystem is slowly catching up with that of the US, but more needs to be done, argue Tarun Khanna and K Vijay Raghavan.