Byju’s promoters sold shares worth USD 408 million since 2015, says report

Promoters- Byju Raveendran, Divya Gokulnath and Riju Ravindran have together sold shares worth around $408.53 million in 40 secondary transactions since 2015.
Image used for representational purposes only. (Photo | BYJU'S YouTube Screengrab)
Image used for representational purposes only. (Photo | BYJU'S YouTube Screengrab)

BENGALURU:  Edtech firm Byju’s promoters’ shareholding has been gradually dropping since 2016, and the first significant drop was between 2015-2016, when the promoters' stake dipped from 71.6% to 54.7% and later came down to 34.7% in 2019 and 21.2% in 2023, according to market intelligence platform PrivateCircle Research.

Promoters- Byju Raveendran, Divya Gokulnath and Riju Ravindran have together sold shares worth around $408.53 million in 40 secondary transactions since 2015. While CEO and co-founder Byju Raveendran individually sold 29,306 shares worth $3.28 million, his wife and co-founder Divya Gokulnath sold 64,565 shares worth $29.40 million, and brother Riju Ravindran sold 337,911 shares worth $375.83 million.

These secondary deals were often executed at a discounted valuation as compared to the company’s primary valuation at that time, says the report. An average of 53% discount was observed in secondary sales during its Series F round. 

During this round, Byju’s promoters sold their shares in the price range of Rs 1,12,126 - Rs 1,64,000 per share and the Series F primary share price was in the range Rs 2,13,042 - Rs 2,37,336.  Over the years, multiple investors participated in Byju’s secondary transactions including Silver Lake Partners, Blackrock, T Rowe Price, Chan Zuckerberg, Owl Ventures, Naspers, General Atlantic, and Alkeon, among others.

The edtech company has been facing multiple challenges, and since 2012, Byju Raveendran purchased a total of 31,960 shares from multiple sellers including Ravindran Kunnaruvath (Byju Raveendran’s father), Arunangshu Bhakta (Byju’s employee), Brijesh Maheshbhai Patel (Byju’s employee), Smit Rajanikant Patel (Byju’s employee), Unique Jain (Byju’s employee), and Pravin Prakash (Byju’s employee), according to an analysis by PrivateCircle Research.

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com