Upgrad co-founder and MD Mayank Kumar resigns; Here's what he wrote in the internal note

Mayank Kumar , co-founder and managing director of ed-tech firm Upgrad has resigned from his role to start a new venture. As per Economic Times report, Kumar has significantly reduced his operating role at the Mumbai-based firm starting this month. The report quotes unnamed people aware of the matter who said that Kumar’s departure, who has 8% share stake in the company, coincides with founder and chairman Ronnie Screwvala taking a more active role at the firm. Screwvala owns 44% in the company.

“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 told the publication.

Upgrad, backed by Temasek – a global investment company headquartered in Singapore, is reportedly in the final stages of closing $50-$60 million in funding from existing investors at a valuation of $2.25 billion.

What Kumar said in the internal note
Mayank Kumar has shared a note internally where he said "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 stated in the note.

Kumar said that he would remain actively involved in shaping Upgrad’s strategic direction as a co-founder, director and shareholder. Underlining his core strengths in "learning experiences, pedagogies, forging partnerships, and identifying new growth areas", Kumar said that he plans to double down at Upgrad.