Former Twitter India head quits his latest metaverse edtech venture
Invact Metaversityis a higher education edtech company set up in the metaverse.
- It has raised $5 million in February 2022 from 70 top global leaders, including Future Group’s Kishore Biyani.
- CEO Maheshwari previously acknowledged that both the founders had differences over the vision of the company.
Maheshwari founded Invact Metaversity along with former Microsoft executive Pratap in December 2021. The company has raised $5 million in February 2022 from 70 top global leaders and founders, including Future Group’s Kishore Biyani, and Infosys’ former executive Mohandas Pai.
The six-months-old company has been undergoing a lot of internal issues for quite some time. Earlier this week, Maheshwari announced that he is considering winding down Invact Metaversity due to several reasons. He also acknowledged the differences he had with the co-founder Pratap over the vision of the company.
“We are now standing at [a] crossroads exploring possibilities such as (a) cutting the burn rate and pivoting to another idea, (b) letting one of the founders take full charge, or (c) returning the unspent capital to investors,” Maheshwari noted in a series of tweets.
The ongoing troubles took a dramatic turn when one of the angel investors
“Manish has been bullying Tanay [Pratap, co-founder and CTO of Invact] into silence, threatening to use the company funds of $1.7 million – including our angel investment money – to sue him, should Tanay speak ill of him in public. This broke the straw with me, as that includes my money: which I never invested to be used as an instrument of a co-founder bullying the other one,” Orosz said in the email accessed by Business Insider.
Read More: Invact Metaversity saga takes a dramatic turn after angel investor blames former Twitter India head of bullying, lying — read the full email
Invact Metaversity wanted to launch classes in the metaverse for students planning to get higher education. It planned to offer its first metaverse education experience with a special four-month-long business foundation MBA course for 60 students.
The company launched its first cohort a few days back, but decided to return any fee paid by the student when the troubles started brewing. As per the plan, students would have the option to attend the classes through their desktops and mobiles or have the real experience with the help of virtual reality (VR) headsets.
AdvertisementRead More: INTERVIEW: Former Twitter and Microsoft execs building a classroom on the metaverse explain what it would look and feel like
Paradeep Phosphates lists at a 9% premium as Sensex and Nifty trade in the green
The edtech bubble is bursting as schools, colleges reopen and funds dry up
IT jobs are safer than startup jobs but a salary bubble burst awaits them
- Bengaluru cafe blast: Karnataka CM Siddaramaiah to chair meeting with top police officials today
- India retains full policy space for benefit of farmers, fishermen at WTO: Goyal
- Sensex, Nifty settle at new closing high levels in first part of special live trading session
- Passive Income Streams
- Gas stoves create more nanoparticle pollution than a busy street with diesel and gas cars, study finds