Invact Metaversity co-founder Manish Maheshwari steps down as CEO, director
Maheshwari had just tweeted a few days ago that they were pulling the plug on Invact Metaversity.
- May 27, 2022,
- Updated May 27, 2022 7:18 PM IST
Just a few days after sharing a series of tweets on what went wrong with the Invact Metaversity, CEO and Director Manish Maheshwari, who is also the co-founder, has stepped down.
A tweet shared from the official handle of the virtual university read: “Over the last few days, we have been in the news, more than we have ever been! So here is the official update. Manish Maheshwari has stepped down from his position as Chief Executive Officer and Director of Invact, Inc. as of May 27, 2022.”
This was followed by an explanation that stated the decision to part ways came out of the “diverging visions” the two founders, Maheshwari and Tanay Pratap, had for the long-term prospects of the company. “Invact will continue and under leadership of Tanay will pursue its vision to make quality education accessible via Metaversity,” the tweet stated.
Maheshwari shared the tweet about his departure. “We both are passionate and uncompromising about what we believe in, as founders usually are. While we are parting ways, we have fond memories of working together not just as colleagues, but also as brothers,” he tweeted speaking about his relationship with Pratap.
“I have full trust in @tanaypratap. I will be cheering from the sidelines for Invact to become the next unicorn and ultimately go for an IPO under his leadership,” Maheshwari added and also said that he was going to take a break for a few months and pursue new opportunities.
“Changes are often heartbreaking but sometimes necessary. We started together, built together, and celebrated together. Invact will continue to build on its vision of accessible quality education for all. Wishing Manish all the best for the future. Goodbyes are always hard,” Pratap tweeted while sharing the announcement tweet.
Maheshwari had tweeted on May 23 that their vision for Invact Metaversity was “not getting delivered the way we had envisaged” which eventually led to the courses being cancelled and students’ fees being refunded.
He also explained in his tweets that this difference of opinion between him and Pratap has led them to a point where they must either cut the burn rate and pivot to another idea, let either founder take full charge, or return the unspent capital to investors.
A tweet shared by the director of content sales at the edtech firm Unacademy Ravi Handa shed some light on Pratap’s side of the story and mentioned that a series of meetings had taken place between the founders and the investors to figure out the way forward. This ultimately came down to Maheshwari being offered $100,000 in cash to leave the company with some investors feeling that the company was being held hostage by the CEO.
Also Read: India's first 'Metaversity' seems to be imploding from within; here's what's going on
Also Read: Former Twitter India head’s startup, Invact Metaversity, raises $5 mn
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine
Just a few days after sharing a series of tweets on what went wrong with the Invact Metaversity, CEO and Director Manish Maheshwari, who is also the co-founder, has stepped down.
A tweet shared from the official handle of the virtual university read: “Over the last few days, we have been in the news, more than we have ever been! So here is the official update. Manish Maheshwari has stepped down from his position as Chief Executive Officer and Director of Invact, Inc. as of May 27, 2022.”
This was followed by an explanation that stated the decision to part ways came out of the “diverging visions” the two founders, Maheshwari and Tanay Pratap, had for the long-term prospects of the company. “Invact will continue and under leadership of Tanay will pursue its vision to make quality education accessible via Metaversity,” the tweet stated.
Maheshwari shared the tweet about his departure. “We both are passionate and uncompromising about what we believe in, as founders usually are. While we are parting ways, we have fond memories of working together not just as colleagues, but also as brothers,” he tweeted speaking about his relationship with Pratap.
“I have full trust in @tanaypratap. I will be cheering from the sidelines for Invact to become the next unicorn and ultimately go for an IPO under his leadership,” Maheshwari added and also said that he was going to take a break for a few months and pursue new opportunities.
“Changes are often heartbreaking but sometimes necessary. We started together, built together, and celebrated together. Invact will continue to build on its vision of accessible quality education for all. Wishing Manish all the best for the future. Goodbyes are always hard,” Pratap tweeted while sharing the announcement tweet.
Maheshwari had tweeted on May 23 that their vision for Invact Metaversity was “not getting delivered the way we had envisaged” which eventually led to the courses being cancelled and students’ fees being refunded.
He also explained in his tweets that this difference of opinion between him and Pratap has led them to a point where they must either cut the burn rate and pivot to another idea, let either founder take full charge, or return the unspent capital to investors.
A tweet shared by the director of content sales at the edtech firm Unacademy Ravi Handa shed some light on Pratap’s side of the story and mentioned that a series of meetings had taken place between the founders and the investors to figure out the way forward. This ultimately came down to Maheshwari being offered $100,000 in cash to leave the company with some investors feeling that the company was being held hostage by the CEO.
Also Read: India's first 'Metaversity' seems to be imploding from within; here's what's going on
Also Read: Former Twitter India head’s startup, Invact Metaversity, raises $5 mn
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine