Edtech unicorn upGrad, which upskills working professionals, is looking to hire people in various roles as it witnesses tailwinds of strong demand, said Mayank Kumar, cofounder and managing director (MD).
“There are only tailwinds for us. We're not seeing a drop in demand, we are seeing the same number of people actually more enthusiastically looking for a better sort of upskilling opportunity,” said Kumar, in a recent episode of CNN News18 show Bits to Billions.
Also Watch: We are building a company to outlast many others: Ronnie Screwvala of UpGrad on Bits to Billions
Kumar’s remarks come at a time when edtechs in India have been roiled by layoffs and funding crunch. He believes upGrad is largely insulated from the storm since professionals turn to upskilling in a bleak job market.
“Education is counter-cyclical to economic growth. So whenever the economy goes down, higher education goes up. We have seen this in 2008 and 2009. We have seen this in 2014, 15, and 16,” he added.
Kumar believes that the current downturn will have a similar effect on education and this will be the time when many individuals will invest in themselves to become more relevant.
Recently, in June, the company doubled its valuation after raising $225 million in fresh funding, balking a frosty global venture capital environment. The company increased its valuation to $2.25 billion in the round that included billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service.
Bucking the trend amid its peer, Kumar also said that the company is looking at hiring for leadership, operation, and executive roles. “Those are the roles we will double down and ensure that just because there is that talk of funding winter, we don't get into a place where we are not investing in future growth,” he said.
Also Read: Layoffs, restructuring, slowdown: India’s edtech firms are struggling post-pandemic
upGrad, earlier in June, said it is looking to add nearly 3,000 people in the next three months. The seven-year-old company, which employs 4,000 people at present, will increase its workforce to around 6,500-7,000 by August this year.
Kumar further said edtech companies are aware of customer concerns and have formed an Indian Ed Tech Consortium to address the larger issues concerning edtech companies, days after the government fired a warning shot to ed techs.
“All the tech companies are very clear about the fact that we cannot let consumer grievances not addressed. And hence, all edtech companies, which potentially represent about 95 to 98% of the overall edtech enrollments have come together to form this consortium,” he said.
Kumar also said that the group of companies has signed a code of ethics, which covers three broad elements from a consumer complaint perspective. “There should not be any inappropriate advertising, because you're dealing with children, parents, and students. Aggressive sales practices need to be avoided, which is what edtech is known for, aggressive push for sales. And the third thing is about refunds and financing policy.”
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