Introduction: Mayank Kumar, co-founder and managing director of ed-tech giant UpGrad, has stepped down to focus on a new startup aimed at placing skilled Indian workers abroad, particularly in the healthcare sector. This shift comes as UpGrad is poised to secure additional funding.
A New Journey Begins: Kumar is currently pitching investors to back his new venture, which he believes will tap into the growing demand for Indian talent overseas. His departure marks a significant change for UpGrad, where he has held an 8% stake. Following his exit, co-founder and chairman Ronnie Screwvala will take a more hands-on approach in managing the company.
Funding News for UpGrad: As Kumar embarks on this new journey, UpGrad is finalizing a $50-$60 million funding round from existing investors, which will value the company at $2.25 billion. Temasek, a global investment firm based in Singapore, is among its backers.
Kumar’s Vision: In an internal note, Kumar expressed his enthusiasm for the “Blue Collar and Global Talent Mobility” space. He plans to start with placing nurses and geriatric care professionals in European markets and intends to expand into various roles and regions, positioning India as a key supplier of talent in the global economy.
Continued Involvement with UpGrad: Despite his departure from day-to-day operations, Kumar reassured his colleagues that he would remain actively involved in shaping UpGrad’s strategic direction as a co-founder and shareholder. He emphasized his strengths in developing learning experiences and partnerships, indicating that he would continue to contribute to UpGrad’s growth.
Conclusion: Mayank Kumar’s transition marks a significant milestone for both him and UpGrad. With his new venture focused on global talent mobility, he aims to bridge the gap between skilled Indian workers and international job opportunities, while also supporting UpGrad’s ongoing success.
