Online education company SmartStudy announced on Wednesday that it has received 200 million yuan ($30 million) in its B-plus round of financing.

Together with another 200 million yuan acquired in November last year, the whole B round of financing of the education startup totaled 400 million yuan, according to CEO Wei Xiaoliang.

Established in 2013, SmartStudy targets Chinese students who want to improve test results needed for applications to study overseas.

The company has expanded its services to include helping students with their whole overseas study application process, and their life and studies while abroad.

According to Wei, the company has almost 6 million registered learners, of whom 150,000 paid for the company's services.

He said the incomes of Chinese families, particularly those in large cities, have increased greatly over the past decade, and well-off parents are looking for more informative, customized and international education for their children.

He added that the size of the market for foreign language education in China is expected to reach 600 billion yuan by 2020, and the market size of overseas study services might exceed 56 billion yuan.

"There are great potential and development opportunities in the field," he said, adding that much of the money raised will be put into upgrading SmartStudy's classes and nurturing talent for the company.