upGrad Co-founder Mayank Kumar Steps Down To Introduce His New Venture
His exit from daily operations at upGrad has already taken effect in October, as per media reports
According to media reports, Mayank Kumar, co-founder and managing director of ed-tech firm upGrad, has resigned from his position to pursue a new business venture. As per media reports Kumar, who holds an 8 per cent stake in the company, has reduced his involvement with the firm starting this month, coinciding with founder Ronnie Screwvala taking a more hands-on role. Screwvala reportedly owns a 44 per cent share in Upgrad.
As per media reports, Kumar has been in discussions with investors about his new project and is planning to register his company soon. It is also reported that his exit from daily operations at Upgrad has already taken effect in October.
According to media sources, Upgrad, which is backed by Temasek, is nearing the closure of a $50-$60 million funding round from its existing investors, with a valuation of around $2.25 billion.
Kumar, in an internal note, reportedly expressed excitement about entering the blue-collar and global talent mobility sectors. According to media reports, his new venture will focus on deploying Indian talent in global markets, starting with healthcare professionals heading to Europe.
Kumar will remain involved with Upgrad in a strategic capacity as a co-founder, director, and shareholder, according to media reports.
