Chinese online tutoring company Yuanfudao said on Wednesday it raised $120 million from private equity firm Warburg Pincus and Tencent Holdings (0700.HK), putting it among a raft of unicorns valued at more than $1 billion in the world’s second largest economy.

Warburg Pincus led the funding round, which also had Tencent, China’s biggest social network and a previous backer of Yuanfudao, among investors, Yuanfudao said in a statement. It did not say how much of a stake Warburg Pincus and Tencent got for the cash infusion.

The Beijing-based company offers live tutoring to over 160 million students that use its mobile apps, with about 1 million of them paying users, Yuanfudao added.

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