Byju's Promoters Sold Shares Worth $408.53 Million Since 2015: PrivateCircle The report further highlighted that Raveendran sold 29,306 shares worth $3.28 million since 2015, while purchasing about 31,960 shares from multiple sellers
By Teena Jose
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The promoters of the edtech startup Byju's - Byju Raveendran, Divya Gokulnath and Riju Ravindran have together sold shares worth around $408.53 million in 40 secondary transactions since 2015, according to a PrivateCircle report.
The report further highlighted that Raveendran sold 29,306 shares worth $3.28 million since 2015, while purchasing about 31,960 shares from multiple sellers including members of his family and employees of the company since 2012.
"By reinvesting the entire amount received through secondary sales back into the company, my commitment to the mission and the conviction on the potential of BYJU'S is unwavering and unshakeable," said Byju Raveedran in an email sent to the employees, adding that he has reinvested all the money received from the secondary sale of shares.
The research firm also revealed that Raveendran purchased shares from his father Ravindran Kunnaruvath and the company's employees including Arunangshu Bhakta, Brijesh Maheshbhai Patel, Smit Rajanikant Patel, Unique Jain, and Pravin Prakash.
Reportedly, at the same time, Gokulnath purchased a total of 4,666 shares from Navin Balan and Priya Mohan - the founders of Vidyartha, a company Byju's acquired in 2017.
The research firm said the findings are based on various public data sources. In two instances where the secondary share price was not available, PrivateCircle has used the closest available primary share price, it said.
According to PrivateCircle, the first significant drop was between 2015 to 2016, when the promoters stake dipped to 54.7% from 71.6% and later came down to 34.7% in 2019.
Byju's promoters, as of today, hold a 21.2% stake in the edtech company with Byju Raveendran holding a majority share of 15.9% whereas Divya Gokulnath and Riju Ravindran have 3.32% and 1.99% respectively, the data further reported.
