Arjun Mohan, the chief executive officer (CEO) of the Indian edtech start-up has stepped down from his position, Reuters reported. 

"I have decided to move out of upgrade after almost three years of service as the CEO India business. My last day of employment will be 15th Jan," he said. 

Mohan did not reveal any reason behind his move. However, sources claimed that the executive had resigned in December, however, neither the company nor he made the decision public. 

The development came at a time when upGrad is trying to take cost-cutting measures to keep its business on profitability track. 

Founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Singh, the company acquired another edtech platform Harappa last year by spending Rs 300 crore. 

Last year, the company was valued at more than $2 billion. It has bagged investment from companies like Temasek and James Murdoch's Lupa Systems 

The edtech sector witnessed massive challenges in 2022. Edtech unicorns like Unacademy and Vedantu were seen to cut down employee bandwidth to keep their businesses on the profitability track. Byju Raveendran-led highly-valued Byju's also announced its plans to rationalise employee numbers in a phased manner in the coming months. 

The new year has also not brought any good news for the companies. Harappa laid off 60 employees on January 3, 2023. Relevel, an upGrad-owned platform announced to lay off 40 employees today.