Invact Metaversity, an EdTech startup founded by ex-Twitter India head Manish Maheshwari, has raised its first round of funding at a valuation of $33 million from more than 70 global corporate leaders, investors, and entrepreneurs.
While the company did not disclose the amount of the round, Maheshwari said he diluted less than 15 percent of the company’s stock.
People who invested in the round include Kishore Biyani (Future Group’s CEO), Mohandas Pai (Former Infosys’s Chairman), Dr. Ritesh Malik (Innov8 Founder), and Kirthiga Reddy (Former Facebook India Head). Global leaders from Microsoft, Google, Meta (previously, Facebook), Twitter, Uber, Amazon, Coinbase, Softbank, World Bank, Ford Foundation, Qatar Foundation, McKinsey, Spotify, GoJek, LinkedIn, Notion, and Disney also participated in the funding round, according to the company. The list also includes new-age entrepreneurs from startups like Zerodha, Razorpay, Zilingo, Sheroes, Snapdeal, Koo, Cars24, Suki, Bounce, Leap Finance, etc.
Launched by Manish Maheshwari along with Tanay Pratap, who previously worked as a Senior Software Engineer with Microsoft, Invact Metaversity is a 3D immersive virtual learning platform that is creating high-quality and virtually immersive learning experiences for everyone, delivered to them wherever they are, and at a price they can afford. The platform allows students to communicate with one another and their teachers via animated avatars regardless of their physical location. By enabling students to hang out together in virtual spaces, the platform also facilitates peer-to-peer learning adding a community layer that was missing on online learning.
Commenting on the development and how the company will utilize the fresh capital, Manish Maheshwari, Co-founder & CEO of Invact Metaversity, said,
"I am overwhelmed by the faith that the investors have shown in our company’s vision to make education available to everyone immersively at a price they can afford. We will use the capital primarily for building the platform, hiring engineers, illustrators, and 3D designers. The first batch will start in May with 60 students. It will be a four months business foundation MBA."
According to Maheshwari, the company will focus on innovating across three dimensions for students: virtual experience, virtual identity, and virtual assets.
Tanay Pratap, Chief Technology Officer of Invact Metaversity, said,
"The hardware is cheaper, the network is ubiquitous, and the world is getting ready for a more immersive experience in work and otherwise. Education is ripe to be disrupted with Invact Metaversity."
Maheshwari was caught in a controversy over the hate speech row and the implementation of the newly-framed IT rules in India last year and quit the social platform to work on his EdTech venture.