VIPKid has big plans for global growth

VIPKid, China's largest online education startup, announced on Wednesday that it will expand its business to 10 cities globally, expanding overseas right after a fresh round of financing in late June.

The company plans to set up branches and expand both its English and Chinese business in 10 cities abroad including Seoul, Tokyo, London, Singapore, Madrid and Buenos Aires in the next three years.

"Overseas expansion is critical for the company", said Mi Wenjuan, founder and CEO of VIPKid. "To build a product at world-class level will be a competitive advantage for a Chinese company, and will also be beneficial for children and parents across the world."