Edtech major Byju’s is likely to raise over $500 million (about Rs 3,900 crore) at a valuation of around $23 billion in about a week, sources privy to the development said.

The company is planning to use the funding for acquisition in the US, they added.

The company is in discussion with Abu Dhabi’s Sovereign Wealth Fund (SWF) and Qatar Investment Authority (QIA) for raising in the range of $400-500 million and $250- 350 million, respectively, according to the sources.

“Byju’s is in an advanced stage of discussion with some investors. The company is likely to raise over $500 million in about a week. The transaction is expected to be closed at a valuation of around $23 billion,” one of the sources told PTI, who did not wish to be named.

Byju’s declined to comment on the development. According to the source, the funding is part of the company’s plan to use the fund for inorganic expansion, especially in the US.

The company has already acquired US-based reading platform Epic for $500 million and coding site Tynker for $200 million.

The other overseas acquisitions of Byju’s include Singapore-based Great Learning for around $200 million and Austria’s mathematics operator GeoGebdra for approximately $100 million.

Byju’s is learnt to be in active discussion with US-based edtech firm 2U, which runs platforms such as edX that offers online courses created by Harvard University, Massachusetts Institute of Technology and Boston University.