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Varun Garg Quits Edtech Unicorn upGrad, Joins Nandan Nilekani’s EkStep

Inc42 · 1y ago

Varun Garg Quits Edtech Unicorn upGrad, Joins Nandan Nilekani’s EkStep

Varun Garg, the President of Learning Experience at upGrad, has departed from the edtech company after 7.5 years. His exit comes nearly 10 months after upGrad's CEO, Arjun Mohan, also left the company. Garg has joined EkStep, a nonprofit organization founded by Nandan Nilekani, focused on providing learning opportunities to students through a collaborative platform. Kshitij Jain, Raj Reddy, Abhishek Agarwal, and Ashish Nagar will take over Garg's responsibilities at upGrad, according to the company's co-founder and MD, Mayank Kumar.

Related News

upGrad’s KnowledgeHut CEO Subramanyam Reddy quits

Entrackr

Entrackr · 1y ago

upGrad’s KnowledgeHut CEO Subramanyam Reddy quits

Subramanyam Reddy, the founder and CEO of Knowledgehut, has resigned from his position after 13 years with the company. Knowledgehut is an edtech company owned by upGrad and provides training courses to individuals and corporations. Reddy's departure follows the acquisition of Knowledgehut by upGrad and the departure of another co-founder. upGrad recently achieved unicorn status and has seen a number of high-profile exits, including its CEO, Arjun Mohan.

upGrad Enterprise expands leadership team in India and the US

Inshorts · 5m ago

upGrad Enterprise expands leadership team in India and the US

upGrad Enterprise, the corporate skilling division of edtech unicorn upGrad, has announced an expansion of its leadership team with key appointments of Neeraj Gera in India and Neha Prasad Mullick in North America. At upGrad, Neeraj Gera will lead Capability and Delivery for upGrad Enterprise. On the other hand, Neha will lead customer success and go-to-market efforts in North America.

upGrad’s Mayank Kumar quits as edtech consortium chairperson, PhysicsWallah's Maheshwari to take over

Money Control

Money Control · 1y ago

upGrad’s Mayank Kumar quits as edtech consortium chairperson, PhysicsWallah's Maheshwari to take over

Mayank Kumar, the co-founder and managing director of upGrad, is stepping down from his role as the chairperson of the India Edtech Consortium (IEC), a self-regulatory body aimed at resolving consumer complaints in the edtech industry. Kumar cited a desire to focus more on operations at upGrad as the reason for his decision. Prateek Maheshwari, co-founder of PhysicsWallah, will replace Kumar as the chairperson. The IEC was formed in 2022 and claims to represent 95% of the Indian learner community.

Enterprise business lifts Upgrad’s income by 25% to Rs 1,715 cr

The Arc Web

The Arc Web · 11m ago

Enterprise business lifts Upgrad’s income by 25% to Rs 1,715 cr

Upgrad, an edtech unicorn, reported a 25% revenue increase to ₹1,715 crore ($204 million) in FY24, driven by its enterprise business and global partnerships. The company’s enterprise segment contributed 30% of its revenue, and the EBITDA margin improved from -19% to 4%. This growth contrasts with challenges in the broader edtech sector, where companies face layoffs and down rounds. Upgrad has diversified into various fields, including launching 'Upgrad Study Abroad' and setting up a campus in Mumbai and a medical training center in Vanuatu.

Temasek-backed upGrad sees another high-profile departure after cofounder’s exit

VCCircle

VCCircle · 7m ago

Mumbai-based upskilling unicorn upGrad has experienced another high-profile departure after one of its co-founders, Mayank Kumar, left the company. The edtech firm, backed by Temasek and other prominent investors, recently saw an executive at the senior level also leave. upGrad aims to provide upskilling and reskilling opportunities to professionals.

upGrad partners with AWPO to empower military veterans

Inshorts · 5m ago

upGrad partners with AWPO to empower military veterans

Edtech unicorn upGrad has announced a partnership with the Army Welfare Placement Organisation (AWPO). The partnership is aimed at empowering military veterans and their dependents, including wives, young graduates, and widows of martyrs, with career opportunities to seamlessly transition into India's corporate workforce.

upGrad Ropes In Former DealShare Executive Venkatesh Tarakkad As CFO

Inc42 · 1y ago

upGrad Ropes In Former DealShare Executive Venkatesh Tarakkad As CFO

Edtech unicorn upGrad has hired Venkatesh Tarakkad as its new Chief Financial Officer (CFO). Tarakkad, who previously held leadership positions at companies like Ecom Express and Coca-Cola, will oversee upGrad's domestic and global financial strategies, including investor relations and risk management. He will replace Rohit Agarwal in the role. upGrad offers higher education courses and skilling programs and has raised over $600 million in funding. The appointment comes as the edtech sector in India has experienced a decline in funding and several companies have faced layoffs and closures.

upGrad’s FY23 loss surges to INR 1,141.5 Cr on goodwill writedown of INR 410 Cr

Inc42 · 1y ago

upGrad’s FY23 loss surges to INR 1,141.5 Cr on goodwill writedown of INR 410 Cr

Indian edtech startup upGrad reported a net loss of INR 1,141.5 crore ($153 million) in fiscal year 2022-23, a 76% increase from the previous year. The company's operating revenue reached INR 1,169.6 crore ($157 million), a 97% YoY increase. However, the bottom line was impacted by a goodwill writedown of INR 410 crore ($55 million) due to unsuccessful acquisitions. upGrad recently entered the unicorn club and has raised over $600 million in funding to date.

upGrad’s revenue spikes 2X to Rs 1,194 Cr in FY23, loses 500 Cr+

Entrackr

Entrackr · 1y ago

upGrad’s revenue spikes 2X to Rs 1,194 Cr in FY23, loses 500 Cr+

Edtech unicorn upGrad experienced a significant rise in revenue, with a 96% increase during the fiscal year ending in March 2023. The company's revenue reached Rs 1,194 crore, compared to Rs 608 crore the previous year. The primary sources of revenue for upGrad are online programs offered to students and commissions from universities. Despite the growth in revenue, the company managed to keep its bottom line flat through effective cost management. Employee benefits accounted for 40% of the overall expenditure, while advertising and promotion costs decreased by 8.2%. upGrad aims to be operationally profitable in the upcoming financial year.

Edtech Upgrad aims for IPO in two years

Economic Times

Economic Times · 1y ago

Edtech Upgrad aims for IPO in two years

Mumbai-based edtech unicorn Upgrad plans to go public through an IPO within the next two years. The company aims to achieve milestones like $750 million in revenue, an 80% gross margin, and a 50% net margin before proceeding with the listing. Upgrad focuses primarily on digital operations in India and intends to list on the Indian stock market. Currently, the company has a run rate of $400 million and recorded significant revenue growth in the previous financial year. It has also allocated funds to open offline touch-points and learning centers.

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