Byju’s, India’s leading online education provider is in the process of going public by merging with one of Churchill Capital’s special-purpose acquisition company. The two leading companies held discussions with several SPAC partners and is trying to come to an agreement with Michael Klein’s Churchill Capital.

Earlier this year in February Churchill Capital VII raised more than $1.3 billion. It has its trading platform on the New York Stock Exchange. The preliminary discussions were that Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion. The startup of the project was valued at $21 billion.

Though the negotiations between the two companies are not final yet, an announcement could soon be on the cards in January. However, either Byju’s or Churchill could has the option to opt out of such a deal. However, Byju’s could take into consideration an IPO in India next year. Earlier the startup had discussed a merger with Michael Dell’s MSD Acquisition Corp. and Altimeter Capital Management.

Byju's was founded by former teacher Byju Raveendran whose company provides K-12 lessons and video material to millions of Indians studying for the various competitive engineering and medical entrance exams of the country. It also provides math and reading classes and material and has can be accessed by students in countries in North America, the Middle East and Latin America.