Upgrad MD Mayank Kumar steps down as firm eyes $50-60 million raise
Edtech unicorn Upgrad cofounder and managing director Mayank Kumar has stepped down from his executive role to start a new venture, sources briefed on the matter said. Starting this month, he has significantly reduced an operating role at the Mumbai-based firm while pitching to investors for his new startup which is focused on placing skilled Indian labour abroad—especially in healthcare.
Coinciding with his departure is the company’s founder and chairman Ronnie Screwvala taking a more active role at the firm, these people said. Temasek-backed Upgrad is also in the final stages of closing $50-$60 million in funding from existing investors at a flat valuation of $2.25 billion, people in the know told ET. Screwvala holds 44% stake in the company, while Kumar has 8% and there are no changes in the shareholding pattern because of Kumar’s departure from the company.
Screwvala’s comeback is synced with the edtech’s plans for an IPO in India where the serial entrepreneur’s deeper engagement at the firm may bode well with public market investors, people aware of the thinking said.
“He (Mayank) has been pitching to investors and has discussed the idea to raise capital. Next, he will now register the firm and since October there is no operational role for him,” a person aware of the matter said. Another person confirmed Kumar pitching his new startup idea to investors.
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