Edtech major 'Upgrad's Co-Founder Quits! Planning to start Global Talent Venture
Co-Founder & Managing Director of Temasek-backed Upgrad, a vital player in the landscape of edtech in India, Mayank Kumar, has left the firm to launch a new initiative focused on the global talent mobility. The company’s Founder & Chairman, Ronnie Screwvala will now play an important role.
The new venture of Kumar would support qualifies blue collar workers in India, starting with geriatric care and nurses, in tracing the prospects of employment in the global markets, especially in Europe.
Even though, practical role of Kumar has decreased, he highlighted that his deliberated contributions are still very crucial.
The co-founder stated in February that the Mumbai based Edtech company plans to go public within the next 24 months. He had previously stated that the IPO will be timed to coincide with significant benchmarks, such as achieving $750 million (about Rs 6,225 crore) in revenue, keeping an 80% gross margin, and maintaining a 15% net margin.
When estimated at last time, the company’s valuation was $1.9 billion after securing $40 million from its existing financial backers in the month of March in 2023. Associated to the previous financial year, Upgrad’s gross sales surged by 25% to 
1,715 crore in the financial year 2024.
1,715 crore in the financial year 2024.
Regarding this, Mayank Kumar, Co-Founder & Managing Director, Upgrad says, “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"
"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. 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 added.
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