Mayank Kumar, co-founder and managing director at Temasek-backed edtech major Upgrad, has stepped down from his role to start a new venture focused on global talent mobility.
While stepping back from operational duties at Upgrad, Kumar said he would remain actively involved in shaping the company’s strategic direction as a co-founder, director and shareholder. The company’s founder and chairman Ronnie Screwvala will now take a more active role.
"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," a note shared by Kumar internally read.
Kumar's new venture will focus on helping skilled Indian blue-collar workers, starting with nurses and geriatric care professionals, find career opportunities in international markets, especially in Europe.
"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," he said, sharing the ambitious scope of his plans.
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Shift in leadership at Upgrad
Founded in 2015 by Kumar, Screwvala and Phalgun Kompalli, Upgrad offers upskilling courses to students and professionals through tie-ups with universities besides running corporate or executive training programs under Upgrad Enterprise vertical.
Kumar emphasised that while his operational involvement at Upgrad has been reduced, his strategic contributions remain key.
"As a co-founder, director, and shareholder, I am still active in all strategic directions of the company and leading the sector at various forums as the face of Upgrad,"he said. Kumar underscored his core strengths in "learning experiences, pedagogies, forging partnerships, and identifying new growth areas" where he plans to double down at Upgrad.
In February, the co-founder had indicated that the Mumbai-based firm aims to go public in the next two years. The IPO will be timed to key milestones, including reaching $750 million (around Rs 6,225 crore) in revenue, maintaining an 80 percent gross margin, and sustaining a 15 percent net margin, he had previously mentioned.
Upgrad was last valued at $1.9 billion, when it raised $40 million from existing investors in March 2023. The firm recorded a 25 percent jump in gross revenue in FY24 at Rs 1,715 crore revenue compared to previous fiscal.
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