Byju’s in talks to raise up to $600 million ahead of IPO next year

India’s most valuable startup, the online education provider Byju’s, is in talks to raise between $400 million to $600 million and then accelerate plans for an initial public offering next year, according to people familiar with the matter.

The Bangalore-headquartered company could close the pre-IPO fundraising in a few weeks at a valuation of about $21 billion, said one of the people, asking not to be named because the details are private. The fundraising is likely to be split roughly evenly between equity and debt.

Byju’s, led by former teacher Byju Raveendran, is then aiming to file its initial IPO documents as early as the second quarter of next year, soon after the close of its financial year in March, two of the people said.