Sources familiar with the development revealed that Mayank Kumar, co-founder and managing director of Edtech giant Upgrad, has stepped down from his executive role to pursue a new entrepreneurial venture. His new startup aims to facilitate the placement of skilled Indian workers, particularly in healthcare, abroad. As of October, Kumar has taken a backseat in operational responsibilities at Upgrad while actively pitching his new venture to investors.

In tandem with Kumar's exit, Upgrad’s founder and chairman, Ronnie Screwvala, is stepping up his involvement in the company's daily operations. This comes as Upgrad is nearing the close of a $50-60 million funding round from existing investors, maintaining its current valuation of $2.25 billion. Screwvala, who holds a 44% stake, is expected to play a key role in Upgrad’s plans for a future IPO in India.

“He (Mayank) has been discussing his startup idea with potential investors and is in the process of raising capital. His operational involvement at Upgrad ended this month,” said a source aware of the development.

This leadership change marks a pivotal moment for both Kumar’s entrepreneurial journey and Upgrad’s growth strategy as it prepares to enter public markets.