Tencent is among the possible participants in a round that could reportedly double the online learning service provider's $510m valuation.

Unacademy, the India-based online exam preparation platform backed by social media company Facebook, is looking to raise up to $150m, the Economic Times reported on Friday, citing undisclosed sources.

Internet group Tencent has expressed interest in investing, as have unnamed US hedge funds. Existing investors including growth equity firm General Atlantic and alternative asset manager Steadview Capital are likely to participate in the round, which could value the company in excess of $1bn.

Founded in 2015, Unacademy runs an online platform that offers video lessons and courses in addition to exam preparation tools, across multiple languages. Activity on the platform has increased significantly as students are forced to stay home due to Covid-19 lockdown measures.

The forthcoming round will primarily consist of primary investments, with secondary stake purchases expected afterwards. A source told ET: “At this point, there are multiple funds in the mix. The final contours will be finalised in four to six weeks.”

Facebook participated in the company’s most recent round, a $110m series E in February this year that included General Atlantic, Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures. The cash was reportedly raised at a valuation of $510m post-money.

The series E round lifted Unacademy’s overall funding to $199m, and Sequoia India, Nexus, Steadview Capital and Blume Ventures took part as existing investors. Its earlier backers include SAIF Partners, Stanford Angels, WaterBridge Ventures and Tracxn Labs.