upGrad sees senior exits amid Unacademy integration, IPO plans

The Ronnie Screwvala-promoted group’s chief financial officer (CFO), Venkatesh Tarakkad, and upGrad Enterprise chief executive officer (CEO), Srikanth Iyengar, among others, are on their way out, two people with knowledge of the matter said on the condition of anonymity.

Tarakkad’s exit is significant because he oversaw finance, governance and compliance at the group level at a time when upGrad was sharpening its business ahead of a possible initial public offering (IPO), the first person said. He joined upGrad after serving as CFO at logistics provider Ecom Express and earlier as group CFO at TCNS Clothing Co. Ltd, where he led the company’s IPO process and listing.

Iyengar led upGrad Enterprise, the company’s business-focused skilling arm, and his exit comes amid a change of strategy at that unit, the second person said. Iyengar had been CEO of upGrad Enterprise since 2022, and previously held senior roles at QA Ltd, Conduent, Capgemini, IGATE and Infosys.

Mint reached out to upGrad and all six exiting officials mentioned in this story for comments and confirmation of the development. Tarakkad, Gupta, Cama, Chandra, and Iyengar confirmed their exits, while Mohanty, and the company had not responded to queries till press time.

Sensitive time

The exits come at a sensitive time for upGrad as it streamlines operations and repositions parts of the business even as it works on the Unacademy integration. The exits also come as the company actively explores acquisitions, including select assets of Byju’s. The company is preparing for an IPO by 2027, targeting to raise $350-400 million, Mint reported in January.

Mint reported earlier that upGrad had signed a term sheet to acquire Unacademy in an all-stock deal expected to value its smaller rival at around ₹2,055 crore, or about $245 million, marking a more than 90% drop from Unacademy’s 2021 peak valuation. The management churn is notable as upGrad works through integration planning, regulatory clearances and a broader internal restructuring while also preparing for a public listing.

upGrad Enterprise sells skilling and training programmes to companies, helping them address gaps in their workforce through courses tailored to business needs, according to a senior former upGrad employee who spoke on the condition of anonymity because he was not authorized to discuss internal matters. In many cases, the unit works with clients to co-create courses for specific teams or functions rather than offering only standard modules, the former employee said.

The business, however, is difficult to scale in India, where demand is concentrated among IT and manufacturing companies and where courses in data science, big data and artificial intelligence typically see the strongest demand, the former employee said.

“Indian multinationals and smaller companies tend to spend less on workforce upskilling, leaving providers to compete for a relatively narrow pool of large corporate clients. That has made the segment intensely competitive, with players such as Emeritus and Simplilearn also chasing the same demand,” the former upGrad employee added.

Against this backdrop, the second person quoted earlier said upGrad Enterprise was being repositioned to build deeper client relationships beyond IT, and shift towards a more product-led model. The enterprise unit accounts for less than 8% of upGrad ’s overall revenue.

To replace Iyengar, upGrad has brought in Arushee Agarwal, formerly the head of Coursera’s B2B business in India, to lead the vertical with a greater focus on AI-led products and international markets such as the Middle East and North Africa.

Separately, this person said Tarakkad helped streamline accounting, subsidiary oversight, shareholder management, governance and compliance, though the company wanted the finance function to be more closely tied to the operating business.

upGrad has also reduced its global workforce to about 3,400 from around 5,500 less than 18 months ago as it pushes for a leaner organisation focused on outcomes and execution, the person said.

In workforce upskilling, upGrad competes with rivals such as Simplilearn, Emeritus, Coursera and Newton School, while also facing competition from online offerings of universities and institutes targeting working professionals. The segment is large and still expanding. According to a recent report by market research firm IMARC Group, India’s corporate training market reached $12.2 billion in 2025.

Salman SH

Salman S.H. is an Assistant Editor with Mint in Bengaluru, where he covers startups, venture capital, and the broader internet economy. Over the course of more than a decade in journalism and strategic communications, he has built deep reporting expertise across technology, fintech, consumer internet, digital platforms, and the business models shaping India’s new economy. At Mint, he tracks the companies, investors, and policy developments influencing how technology is built, funded, and scaled in India.His reporting covers venture capital, startup strategy, fintech, edtech, funding trends, and the internet economy. He writes about how startups raise money, grow their businesses, respond to regulation, and adapt to changes in technology and policy. His work also looks at the impact of policy decisions on startups and investors, and tracks the sectors, founders, and firms shaping India’s digital economy.Before Mint, Salman worked across several respected newsrooms, including The Economic Times, Financial Express, The Ken, Inc42, and The Core. He has also worked in strategic communications, leading PR strategy and media outreach for clients in education, online learning, consumer internet, and consulting. That combination of newsroom and communications experience gives him a clear understanding of how business stories are reported, shaped, and understood.