Mayank Kumar, Co-founder and Managing Director of upGrad, has stepped down from his operational role as MD, but will remain involved in the edtech company’s strategic decisions while working on his new venture.
Ronnie Screwvala, Co-founder and Chairperson of upGrad, will be taking on a more hands-on role at the edtech company.
“I have recently (end September) stepped down as MD of upGrad into a less operating role. Ronnie and I have swapped roles. Though as a cofounder / director / shareholder—I am active in all strategic directions of the company and leading the sector at various forums and being the face of upGrad,” Kumar told YourStory.
“My strengths have been in learning experiences, pedagogies, forging partnerships and identifying new growth areas, and my efforts will be to double down on these areas at upGrad,” he added.
Kumar’s new venture aims to focus on helping skilled Indian blue-collar workers find career opportunities abroad.
“Outside of a strategic role at upGrad, I personally am excited about the Blue Collar and Global Talent Mobility space—something not in conflict with upGrad—and so I am starting up once again, now in this space,” he shared.
“We will be starting with nurses / geriatric care professionals to European markets and then expand to other roles and other markets, making India the talent supplier for the global economy,” Kumar explained.
The Economic Times was first to report this development.
The report states that upGrad is nearing the completion of a $50-$60 million funding round from existing investors at a steady valuation of $2.25 billion. It also mentions that the Mumbai-based firm is preparing for an initial public offering (IPO) in the near future.
upGrad’s IPO move isn’t surprising, as another unicorn, PhysicsWallah, which recently raised $210 million in a challenging edtech funding climate, is now preparing for an IPO to capitalise on the thriving public markets in India.
In June this year, the Mumbai-based firm raised Rs 287.5 crore in debt from Singapore-headquartered EvolutionX Debt Capital, with the proceeds intended for growth capital, funding operating expenses, and general corporate purposes.
The Screwvala-led company has also made several top-level management changes over the last 12-18 months to strengthen its leadership. At the beginning of 2024, the edtech company hired CP Gurnani, the former CEO and MD of Tech Mahindra, as an independent non-executive director to its Board.
In FY23, the edtech company recorded a revenue of Rs 1,194 crore, up 96.4% from the previous financial year’s Rs 608 crore. Its losses widened 76% to Rs 1,141 crore compared to Rs 648 crore in the prior year. It has not filed its FY24 numbers yet.
Founded in 2015 by Screwvala, Kumar, and Phalgun Kompalli, upGrad operates across various educational sectors, encompassing test preparation, study abroad programmes, undergraduate degrees, and courses in collaboration with over 300 university partners.
