Data analytics and data engineering company TheMathCompany has approved the buyback of shares for its existing shareholders including the company’s co-founders.
All the existing shareholders who will be participating in the buyback will get an issue price of Rs 155.32 per share which will be aggregating upto 93.2 crore or $12.5 million for 60 lakhs equity shares and constitute 24.82% of the total equity up and free reserve of the company, shows TheMathCompany’s regulatory filings with MCA.
The filings further show that the buyback is open for the existing shareholder of the company on a propionate basis and the three co-founders –Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna – will sell shares worth Rs 26.08 Crore each and the remaining shareholders will offload shares worth Rs 14.9 crore.
It’s worth mentioning that the trio had already offloaded shares worth Rs 17.33 crore each in a previous buyback event, as per the filings. However, the company did not provide any further information about the same.
The development of shares buyback has come within a month of the company’s $50 million funding round led by Brighton Park Capital.
The six-year-old Bengaluru and Chicago-based company leverages artificial intelligence (AI), and machine learning (ML) to help organisations transform intelligence, create demonstrated value, and makes them analytically self-sufficient.
TheMathCompany’s flagship product Co.dx helps businesses across multiple industries solve key problems through low code, custom business applications. It serves industries like CPG, retail, insurance, aviation and banking, across the US, the UK, Singapore, Hong Kong, Europe, and the Middle East.
Over the past couple of years, Indian startups have seen several shares buyback programs across stages. Only this year, already half a dozen startups including FarEye, HomeLane, Tell, Ninjacart, Waycool and Porter have announced their ESOP buyback program. As per our data tracking platform Fintrackr, homegrown startups had bought back ESOP worth more than $440 million in 2021. The figure was close to $50 million in the previous year or 2020.
