upGrad appoints Venkatesh Tarakkad as CFO

Edtech firm upGrad has appointed Venkatesh Tarakkad as its first Chief Financial Officer with effect from March 1, 2024.

In his role, Tarakkad will manage upGrad's financial strategies, covering various areas like investor relations, business finance, corporate finance, risk management, tax, and treasury functions, both domestically and globally. He will be based out of upGrad's head office in Mumbai.

Rohit Agarwal, presently leading the financial operations, will continue to play a crucial role in upGrad's ecosystem, leading operations globally beyond India, the edtech company said in a statement.

“Venkatesh is a seasoned enterprise leader, and his appointment marks a strategic leap forward in our growth journey, both in India and globally. We’ve laid a rock-solid business foundation so far, built and scaled our offerings, and as we strive for global leadership, his operational excellence will ensure a robust credit profile, end-to-end compliance, and transparent corporate and financial governance within the upGrad ecosystem," said Mayank Kumar, Co-founder and MD of upGrad.

Starting his career with Ernst & Young in the early 90s, Tarakkad has held leadership positions at Ecom Express, TCNS Clothing, Siam Makro Thailand, Metro Cash & Carry, and Coca-Cola India.

He previously worked at DealShare, managing finance, inventory, and strategic initiatives. His expertise includes financial transactions, compliance, governance, automation, acquisition management, financing, and public takeovers.

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Founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, upGrad operates across educational sectors, encompassing test preparation, study abroad programmes, undergraduate degrees, and courses in collaboration with over 300 university partners.

Last month, upGrad appointed CP Gurnani, former CEO and MD of Tech Mahindra, as an independent non-executive director to its board.

In FY23, upGrad recorded a revenue of Rs 1,194 crore, up 96% from Rs 608 crore in the previous financial year. The adjusted EBITDA loss amounted to Rs 558 crore in FY23, as opposed to Rs 572 crore in FY22.