
upGrad Cofounder Mayank Kumar Launches New Venture
- Mayank Kumar, cofounder of upGrad, steps down to start a new venture focused on placing skilled Indian labour abroad.
- Ronnie Screwvala, cofounder and chairman, will take an active role in running upGrad post Kumar's exit.
- upGrad is nearing a funding of $50-60 Mn at a valuation of $2.25 Bn.
- Kumar's reduced participation in upGrad started from October.
- Screwvala's takeover aligns with upGrad's plans for an IPO in India.
Source: Inc42