Mayank Kumar Exits Upgrad to Launch Global Talent Mobility Startup

Although Mayank Kumar will be leaving his daily responsibilities there, he will remain invested in the overall strategic direction of Upgrad, being the co-founder and director. Ronnie Screwvala, the founder and chairman, will be more involved in this transition process.

So, Mayank Kumar, the managing director and co-founder of edtech giant Upgrad, backed by the investment company Temasek, leaves the position of launching a new startup around international talent mobility – an exciting career move for him.

Kumar said that while continuing to be involved in all the planning and strategizing for the company’s future as a co-founder, director, and shareholder, he will continue to step away from the operational style of running the business. Ronnie Screwvala, co-founder and chairman of the firm, will play a more important role going forward.

“Outside of a strategic role at Upgrad, I am personally 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,” Mayank Kumar said in an internal memo about his new startup.

Kumar’s new venture has a vision of assisting trained Indian blue-collar workers—nursing and geriatric care professionals, first of all—to secure jobs abroad, especially in Europe. This is Mayank Kumar’s most crucial career juncture so far, on a mission to meaningfully impact the facets of global talent mobility.

He shared the ambitious scope of his intentions, stating, “We will start with nurses and geriatric care professionals going to European markets, and later expand into other roles and regions, making India the talent supplier for the global economy.” This vision is an example of Kumar’s commitment to his new startup and its potential impact.

Founded in 2015 by Kumar, Screwvala, and Phalgun Kompalli, Upgrad offers corporate or executive training programs under the Upgrad Enterprise vertical, along with upskilling courses for professionals and students through associations with universities. While his hands-on involvement has reduced at Upgrad, Kumar said he still delivers strategic input, which remains critical to the operation.

“As a co-founder, director, and shareholder, I am still pretty actively engaged in all strategic directions of the company and is also speaking about the sector at various forums as the face of Upgrad,” he said. Kumar pointed out that he will be spending his time focusing on the areas he is good at at Upgrad, such as “learning experiences, pedagogies, forging partnerships, and identifying new growth areas” while also nurturing this new startup.

The co-founder had told Press Trust of India in February that the Mumbai-based firm was working to take it public within the next two years. He had said earlier that IPO would be tied to significant milestones, such as achieving $750 million (about Rs 6,225 crore) in revenue, maintaining an 80 percent gross margin, and ensuring a 15 percent net margin.

Upgrad, in March 2023, raised its latest valuation of $1.9 billion by garnering $40 million through a fresh round of funding from existing investors. Gross sales for the firm have grown 25% year over year to Rs 1,715 crore as compared to the previous fiscal year. This growth bodes well for Mayank Kumar’s new venture as he takes a step into his exciting career change.