Invact Metaversity, the immersive virtual MBA platform founded by former Twitter India Head Manish Maheshwari, has secured its first institutional round of funding at a valuation of $33 million. The round featured participation from more than 70 global entrepreneurs which include Manipal group’s TV Mohandas Pai, Plaksha’s Ritesh Malik, Future Group’s Kishore Biyani, and former Facebook India head Kirthiga Reddy.
The round, according to the startup, was also participated by new-age entrepreneurs from startups such as Zilingo, Zerodha, Razorpay, Sheroes, Snapdeal, Koo, CARS24, Bounce, Leap Finance, Suki, and many others. The list of investors also included global leaders (former and/or current) from Amazon, Coinbase, Disney, Google, Microsoft, Spotify, GoJek, Meta, Ford Foundation, McKinsey, Qatar Foundation, Softbank, Twitter, Uber, World Bank, LinkedIn, Notion, among others.
Maheshwari didn’t disclose the fund raised by the immersive virtual MBA platform, he did reveal that he diluted less than 15 percent of the shares of Invact Metaversity. The proceeds raised will be used primarily to develop the platform and attract engineers, 3D designers, and illustrators. The startup will innovate across three areas: virtual experience, virtual assets, virtual identity for students. Students will be able to engage with one another and their teachers via animated avatars irrespective of their physical location thanks to the platform. By allowing students to socialize within virtual environments, it would also enhance peer-to-peer learning (P2P), adding a community layer that was absent in online learning.
Maheshwari, who had relocated to the United States as Twitter’s senior director of global strategy and operations, left the microblogging platform to start his ed-tech venture. Maheshwari founded the startup with Tanay Pratap, a former Microsoft senior software engineer who is now the Chief Technical Officer of Invact Metaversity. “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,” Pratap said in a statement.
According to Invact’s website, it offers a 16-week MBA alternative for Rs 2 lakhs + GST. The first batch of 60 students will commence the immersive distance MBA course on May 12, 2022. Following the course, students can expect to receive pure MBA jobs in strategy, marketing, sales, finance, and other sectors through Invact’s in-house hiring partners.
Metaverse has been in the headlines in recent months due to its potential to change new-age businesses ranging from education to entertainment. Investors from all over the world are looking for possibilities to invest in this sector.