Manish Maheshwari steps downs as CEO and Director of Invact Metaversity
- ByStartupStory | May 28, 2022
Manish Maheshwari has resigned as the chief executive and director of the edtech firm Invact Metaversity. This decision is supposed to bring the firm’s difficult recent weeks to close, following disagreements amongst the founders about the vision of the future for Invact Metaversity.
The company tweeted “The choice to split apart was not easy, but @manishm (Manish Maheshwari) and @tanaypratap (Tanay Pratap) had opposing views on the company’s long-term potential. Under Tanay’s leadership, Invact will continue to pursue its objective of making great education accessible through Metaversity.”
Founded in 2021, Invact Metaversity was commenced by former Twitter India head Maheshwari and Pratap. The Edtech firm provided a 16-week MBA program that was aimed to find students a position “in a core business function of a high-growth firm. One of the most notable differences was that students were required to attend lessons through virtual reality, or the “metaverse.”
The Bengaluru-based Edtech startup has secured about $5 million in funding from a bunch of investors including Arkam Ventures, Antler India, Picus Capital, M Venture Partners (Singapore), BECO Capital (Dubai) and 2 am VC (United States)
On May 23, Maheshwari revealed the company’s problems in a series of tweets, stating that they are now at a fork in the road and considering options such as decreasing the burn rate, pivoting, or having one founder take complete control or returning unpaid funds to investors.
However, Gergely Orosz, an angel investor in the firm, publicly criticized Maheshwari for keeping the company “hostage” by allegedly breaking his agreement to step aside and lying to investors.
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