BYJU’S Promoters Offload Shares Valued at Over $400M in Secondary Transactions Since 2015, Reports PrivateCircle
- ByStartupStory | July 4, 2023
The promoters of edtech company BYJU’S have collectively completed secondary transactions worth $408.53 million in shares since 2015, according to an analysis by private market research platform PrivateCircle Research. Byju Raveendran, Founder and CEO of BYJU’S; Divya Gokulnath, his wife and co-founder; and Riju Ravindran, his brother and director of BYJU’S, are involved in theis transactions.
Since 2015, Raveendran has individually sold 29,306 shares, resulting in proceeds of $3.28 million. Gokulnath, on the other hand, has sold 64,565 shares, totalling $29.40 million, while Ravindran has sold 3,37,911 shares, generating $375.83 million, according to PrivateCircle.
It should be noted that these secondary offers were often made at discounted values compared to the company’s primary valuation at the time. For example, during BYJU’S Series F round, an average discount of 53% was observed in aftersales. In this round, the promoters sold their shares in the range of Rs 1,12,126 to Rs 1,64,000 per share, while the price of the F series share was in the range of Rs 2,13,042 to Rs 2,37,336 , according to PrivateCircle. .
The market data platform said it extensive analysis using public data sources to compile the findings. In cases where a secondary share price was not available, the nearest primary share price was used as the benchmark. Connect with BYJU’S. Several investors participated in BYJU’s secondary transactions during this period, including Silver Lake Partners, Blackrock, T Rowe Price, Chan Zuckerberg, Owl Ventures, Naspers, Times Internet, Lightspeed Ventures, Proxima Beta, Naspers Ventures, General Atlantic and Alkeon.
During a recent shareholder call, BYJU’s CEO disclosed his significant personal investment in the company, which was $400 million in the parent company, $250 million from the Aakash acquisition, and $250 million through additional pledged secondary shares in the latest funding round. . Raveendran also revealed that the entire proceeds from the sale of secondary shares were invested in the company worth $22 billion.
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