Mayank Kumar Exits Daily Upgrad Role, Ventures into Talent Mobility Upgrad's founder and chairman, Ronnie Screwvala, will now take a more hands-on role in the company.
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Mayank Kumar, co-founder and managing director of Temasek-backed edtech major Upgrad, has stepped down from his operational role to pursue a new venture focused on global talent mobility.
While Kumar will no longer be involved in day-to-day management at Upgrad, he remains an active co-founder, director, and shareholder, continuing to contribute to the company's strategic direction. Upgrad's founder and chairman, Ronnie Screwvala, will now take a more hands-on role in the company.
Kumar expressed his excitement about venturing into the global talent mobility sector, particularly focusing on blue-collar workers. His new venture aims to help skilled Indian workers, starting with nurses and geriatric care professionals, secure international career opportunities, primarily in European markets.
"We will begin with nurses and geriatric care professionals heading to European markets, and later expand into other roles and regions, making India the talent supplier for the global economy," Kumar said.
Kumar's departure from operational duties comes at a time when Upgrad is growing rapidly. Founded in 2015 by Kumar, Screwvala, and Phalgun Kompalli, Upgrad has become a prominent player in the education technology sector, offering upskilling courses in partnership with over 300 universities and providing executive training programs through its Upgrad Enterprise vertical.
The company has expanded its offerings to include test preparation, study abroad programs, and undergraduate degrees.
Despite stepping away from daily operations, Kumar emphasised that he will continue to leverage his expertise in "learning experiences, pedagogies, forging partnerships, and identifying new growth areas" to contribute to Upgrad's growth. He will also remain the public face of the company in various forums.
Upgrad, currently valued at USD 2.25 billion, is nearing the completion of a USD 50-USD 60 million funding round from existing investors, which will further boost its growth. The company is also preparing for an initial public offering (IPO) in the near future.
In June 2024, it raised INR 287.5 crore in debt from Singapore-based EvolutionX Debt Capital to fund growth initiatives and operating expenses.
The company's recent top-level management hires, including former Tech Mahindra CEO CP Gurnani as an independent non-executive director, highlight its efforts to strengthen leadership.
In FY23, Upgrad reported 96.4% revenue growth to INR 1,194 crore, though its losses widened by 76% to INR 1,141 crore. The company's financial performance for FY24 is yet to be disclosed.
