Edtech unicorn upGrad CEO steps down

BENGALURU:  Edtech company upGrad’s CEO Arjun Mohan has quit the company. His decision comes at a time when edtech platforms are reeling under pressure to turn profitable. With slowing funding rounds and to conserve cash, many edtech start-ups have sacked employees in recent times.

In a LinkedIn post, Arjun Mohan, worked with upGrad for three years, confirmed his exit from the company. “While I look back on the years at upGrad, I feel happy about the incredible company we have built that helped so many working professionals upskill.

The aspects of growth and other metrics were just outcomes of giving customers what they aspired for,” he said. His last date of employment will be January 15. Mohan started his edtech journey in 2008 and he believes still there is a lot more to be done to solve the persistent problems of access, affordability and quality. “I’m in exploration phase of what I can do in education next,” he said.

Last month, upGrad, which employs over 7,500 people, invested Rs 30 crore to set up TuringMinds to develop tech products. In FY22, the start-up’s loss widened to Rs 626.6 crore from Rs 211.1 crore in the previous year. As per Tracxn data, its revenue rose 2x in FY22 at Rs 692.2 crore from Rs 327.7 crore in the previous fiscal.