Arjun Mohan, the CEO of Ronnie Screwvala-led higher edtech platform upGrad, has left the unicorn to explore other possibilities as the firm transitions its leadership structure to focus more on profitability.
upGrad will not replace Mohan, and Mayank Kumar, co-founder and managing director of upGrad, will take on Mohan’s responsibilities. According to the source, upGrad has adopted a ‘business unit structure,’ with leaders reporting to Mohan and in charge of the profit and loss records of numerous such units.
Mohan confirmed the progression of his leaving. His last day of employment will be January 15. Questions addressed to upGrad went unanswered.
“I’m thankful to upGrad leadership, especially Ronnie, Mayank & Phalgun to have trusted me with this responsibility and given an opportunity to lead the team during the high growth phase of COVID and post-Covid. And I’m proud of the team we have built at upGrad and am confident that I’m leaving the organization in able hands for its next phase of growth and profitability,” Mohan said in the statement.
COVID-19 epidemic eased and students returned to schools and universities, demand for online education dropped, putting pressure on edtech businesses to lower prices and become profitable.
There is also a financial strain on the ecology — Last year, Indian entrepreneurs received $24 billion, a third less than in 2021, as investors were wary of high valuations in a volatile stock market that battered IT companies throughout the world.