Three points you will get to know in this article:
- Subramanyam Reddy, founder of KnowledgeHut, steps down; co-founder Manjunath V. remains.
- upGrad’s Asheesh Sharma appointed as President of Short Courses and Bootcamps.
- KnowledgeHut experiences financial transition post-acquisition, focusing on global expansion.
Subramanyam Reddy, the visionary behind Knowledgehut, an edtech company now under the upGrad umbrella, has gracefully stepped down from his role as founder and chief executive, marking the end of an impressive 13-year tenure with the organization.
Sources reveal that Reddy tendered his resignation just last month and is presently navigating through his notice period. It’s worth noting that Knowledgehut’s co-founding trio also includes Madhavarapu Nagaraju and Manjunath V.
Nagaraju had already bid adieu to the company before upGrad’s acquisition in August 2021, while Manjunath V. continues to steer the ship, spearheading the company’s business strategy and marketing efforts. This period of transition witnessed upGrad achieving unicorn status, securing substantial funding from Temasek and other notable investors.
Leadership Changes and Expansion at upGrad
A representative from upGrad shared, “upGrad and its division Head, Subramanyam Reddy from erstwhile Knowledgehut, have mutually agreed to conclude their professional association, effective December 5th, 2023, without any notice period.”
“We’re delighted to introduce Asheesh Sharma as the new President of Short Courses and Bootcamps, starting from January 2nd, 2024. In his role, he will spearhead profit and loss growth, introduce innovative programs, and extend our core offerings globally,” the spokesperson further revealed.
Knowledgehut’s Financial Performance and Transition into upGrad Conglomerate
KnowledgeHut, a leading knowledge training company serving individuals and corporate offices, operates in 70 countries across 6 continents. Beyond providing accredited training courses, the company specializes in tailoring training content to meet the diverse and specific needs of customers across various domains.
The organization has crafted a cutting-edge AI-powered immersive platform named PRISM, designed to deliver dynamic courses tailored for agility, encompassing scrum and full stack development across diverse domains.
Knowledgehut’s Performance Amid Acquisition and Global Expansion
As per insights from a startup data intelligence platform, the firm disclosed a revenue of Rs 53.36 crore in the fiscal year 2023, accompanied by a loss of Rs 98.92 crore. Reliable sources reveal that KnowledgeHut boasted a revenue of Rs 90 crore with no losses prior to its acquisition. Presently, the company is generating Rs 220 crore in revenue for the ongoing fiscal year, experiencing a loss of Rs 30 crore. It’s noteworthy that a significant 75% of its business emanates from the global market, predominantly from the United States.
This marks the second prominent departure within upGrad’s conglomerate. In January 2023, Arjun Mohan, the company’s CEO, gracefully concluded his nearly three-year tenure, later assuming the role of CEO for Byju’s Indian operations.
Shifts at the Top: CEOs Transitioning as Startup Landscape Evolves
Since the beginning of 2023, about twenty CEOs of various startups have opted for a change in their professional trajectory, either embracing new opportunities or transitioning into alternative roles within their existing organizations. Among the noteworthy resignations are leaders from DealShare, BharatPe, upGrad, boAt, ZestMoney, Cuemath, Porter, and most recently, Rakesh Deshmukh, CEO of Indus OS. It is worth noting that Indus OS had been officially acquired by PhonePe in July 2022.
Subramanyam Reddy, founder and CEO of Knowledgehut, a prominent edtech company now part of upGrad, has resigned after 13 years. With co-founders having already departed, upGrad has seen significant growth, securing unicorn status with substantial funding. Asheesh Sharma is set to lead short courses and bootcamps globally. Knowledgehut, operating in 70 countries, utilizes its AI platform PRISM, focusing on tailored training. Financially, the firm saw a dip in profitability post-acquisition but has rebounded, with 75% of its revenue coming from the global market. This departure adds to a wave of CEO transitions within the startup landscape.
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