Mumbai, Dec. 17 -- Temasek-backed upGrad has begun early preparations for an initial public offering (IPO) that could raise $350-400 million, according to two people close to the development. The IPO push comes even as the company explores inorganic expansion through potential acquisitions and mergers. upGrad is currently in talks to acquire select assets of beleaguered edtech firm Byju's and is also exploring a potential share-swap deal with Unacademy valued at $300-400 million, the people said. The parallel moves come as upGrad looks to reset its business ahead of a targeted 2027 listing, focusing on consolidation, overseas expansion and cost discipline after the edtech sector's post-pandemic bust. "The company is in informal discussions with bankers for the IPO. Formal pitches are expected to happen in the first quarter of next year," one of the two people said, requesting anonymity. The proposed IPO is expected to be largely a primary issue, with a smaller offer-for-sale component, the person added. upGrad's listing is likely planned for after June 2027, with the company expected to finalize a group of investment banks by February or March next year, the two people confirmed. In response to Mint's emailed queries, a company spokesperson said, "We have clarified that we are looking at a 2027 IPO. Absolutely no banker conversation, as of date. Too premature to comment on the size of the IPO or how much is primary; but founders own more than half the company and will not look at OFS (offer for sale)." As part of that reset, upGrad has been leaning more heavily on overseas markets, which now account for about 40% of its B2C revenue. The company has seen strong traction in West Asia and Southeast Asia, where demand for skilling and artificial intelligence (AI)-led education programmes is rising. Mint reported earlier this month that upGrad plans to step up its international expansion. At home, the company is also scaling up its offline presence to reach early-career professionals, while prioritizing cost discipline and profitability in the run-up to a potential listing. Founded in 2015, upGrad operates an omni-channel model spanning online courses, degree programmes in partnership with Indian and global universities, study-abroad offerings, and offline learning centres. It caters to students and working professionals across India and international markets. The firm has raised close to $329 million to date, including a $60 million funding round last year. Other investors include IFC, EvolutionX and 360 One....