Byju’s is in talks to raise $500 million in debt round through the TLB or Term Loan B from global investors as plans to launch an initial public offering (IPO), according to a source. TLB means a share of senior secured regulated credit facilities from global institutional investors. OYO was the first company to have raised this debt in India.

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Generally, TLB proceeds are used either to capitalise on the existing debts by a company or to make foreign purchases to improve their offerings. “A TLB makes the balance sheet look better and is also seen as a preparation for entering the public market,” said an industry expert.