Byju’s promoters have sold shares worth $408.53 million since 2015: PrivateCircle

economictimes.indiatimes.com:

Byju Raveendran, Divya Gokulnath and Riju Ravindran, the promoters of beleaguered edtech major Byju’s, have together sold shares worth about $408.53 million in 40 secondary transactions since 2015, according to research and data platform PrivateCircle. In two instances where the secondary share price was not available, PrivateCircle used the closest available primary share price and analysed various public data sources to arrive at the findings.

Since 2015, founder and CEO Byju Raveendran individually sold 29,306 shares worth $3.28 million, whereas 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. The investors that participated in Byju’s secondary transactions included Silver Lake Partners, Blackrock, T Rowe Price, Chan Zuckerberg, Owl Ventures, Naspers, Times Internet, Lightspeed Ventures, Proxima Beta, Naspers Ventures, General Atlantic and Alkeon.

These secondary deals were often executed at a discounted valuation as compared to the company’s primary valuation at the time of the sale, PrivateCircle added. For example, an average 53% discount was observed in secondary sales during its Series F round.

During the Series F round, Byju’s promoters sold their shares in the price range of Rs 112,126–Rs 164,000 ($1,368.40-$2,001.48) per share while the Series F primary share price was in the range Rs 213,042–Rs 2,37,336 ($2,599.99-$2,896.48). ETtech has sent a query to Byju’s and will update the story with the company's response.