Gagan Biyani, cofounder of Udemy, has openly criticized the company's investors following its $2.5 billion sale to Coursera. In a detailed social media post, he expressed frustration over how investor decisions led to the dilution of the founders' influence, resulting in a series of ineffective leadership changes that ultimately harmed the company's strategic direction. Biyani noted that after Udemy's Series B funding round, founders owned less than 30% of the company, leading to a loss of control over its vision. Despite achieving a $500 million annual recurring revenue (ARR) from a B2B pivot, he felt sidelined during crucial moments, including the company's public offering. Biyani lamented that while Udemy's revenue reached a run-rate of $800 million, the lack of major product innovations over the past 15 years stunted its growth. He argued that Coursera, despite having a weaker product, adapted better to market demands by focusing on corporate training and online degrees. The sale was announced in December 2022, as both companies aimed to better cater to corporate workforce training needs in areas like artificial intelligence and software development.