TVS Capital Funds has announced elevations within its investment team, while Mayank Kumar is said to have stepped down from his executive role in Upgrad to start a new venture.
TVS Capital promotes Vaiyanathan, Majee
TVS Capital Funds (TCF) has announced elevations within its investment team, it said in a statement. While Rajalakshmi Vaiyanathan has been promoted to Principal at TVS Capital Funds, Suraj Majee has been promoted to Vice President.
Vaiyanathan has worked at TVS Capital Funds for over five years, during which time she played a key role in the firm’s investment in financial services. Prior to TCF, she had a decade of experience in equity and debt markets.
Meanwhile, Majee, who joined TVS Capital Funds in 2016 as an analyst, has also played a pivotal role in strengthening the firm’s investments in financial services. He has been instrumental in executing 11 investments, including supporting several exits.
Mayank Kumar to start own venture
Mayank Kumar, who served as the co-founder and managing director of edtech unicorn upGrad, has stepped down from his executive role to start a new venture, per a report in The Economic Times.
His new startup is focused on placing skilled Indian labour abroad, especially in healthcare, the report further stated, quoting sources.
With the development, Ronnie Screwvala, founder of upGrad, is understood to be taking a more active role at the firm at a time when it is on the road to raising about $50-60 million from existing investors at a flat valuation of $2.25 billion.
upGrad provides online higher education courses for working professionals. Its programmes include digital marketing, entrepreneurship, and data-driven management, among others.
In terms of the shareholding pattern, Screwvala owns about 44% stake in the company, while Kumar has about 8%. The departure of Kumar is unlikely to result in any changes in the shareholding pattern.
