Jobaaj Stories
The ed-tech major Byju’s promotors namely Byju Raveendran, Divya Gokulnath, and Riju Ravindran together sold shares the worth $408.53 million since 2015 in about 40 secondary transactions.
As per the statement by PrivateCircle Research, a market intelligence platform told that Riju Raveendran who is also a member of Byju’s board and brother of Byju Raveendran sold worth $375.83 million shares since 2015. Whereas, The founder and co-founder of the leading tech sold shares worth $29.40 million.
Raveendran told his employees in a recent e-mail that he reinvested money he received from secondary sales.
Moreover, A research firm also has stated that Raveendran purchased shares from his father and even the company’s employees including Arunangshu Bhakta, Unique Jain, Pravin Patel, and many others.
Gokulnath also purchased shares from Navin Balan and Priya Mohan- who are the founders of Vidyartha, a company Byju acquired back in 2017.
The research firm has also specified that these findings are on the basis of public data sources where the secondary share price was not available, Private Circle has used the closest available primary share price.
Further, The research firm has also highlighted that in some cases they were executed at a discounted valuation as compared to the company’s primary valuation.
