Arjun Mohan, CEO of upskilling unicorn Upgrade, has resigned after a stint of nearly three years, underscoring the growing stress on edtech startups in the post-Covid business environment as educational institutions reopen.
“I am currently in an exploration phase and figuring out the next steps like whether I will join an organization or start something of my own,” Mohan said. He said that January 15 would be his last day in the company.
“I started my journey in the education sector in the year 2008 and I believe that there is still a lot to be done to solve the persistent problems of access, affordability and quality,” he said in a LinkedIn post. In a separate statement, Mohan said he will continue to work in the edtech and education space.
A spokesperson for Upgrade confirmed the development.
Mohan’s replacement is not known.
The edtech startup, led by Ronnie Screwvala, Mayank Kumar and Falgun Kompally, inducted Mohan as CEO in April 2020. He previously worked as the chief business officer of edtech firm Byju’s, as per his LinkedIn profile.
Powered by Unnayan Shiksha Pvt. Ltd., Upgrade posted loss 626.6 crore in FY22, a. growing faster than 211.1 crore loss in the previous year. This was mainly due to a jump of over 2.5 times in expenses 1,300.6 crore to 513.8 crore during this period. Mohan exits after investing in Upgrade 30 crore in December with an aim to scale up its product vertical under the TuringMinds brand.
The vertical was established in 2021 to meet the growing traction from enterprises to outsource research and product development.
The company had raised $210 million in funding led by ETS Global and Bodhi Tree in August last year at a valuation of $2.25 billion.
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