Former Twitter India boss Maheshwari's Invact Metaversity raises fund from Kishore Biyani, Kirthiga Reddy, others

Former Twitter India head Manish Maheshwari's ed- tech platform Invact Metaversity has raised a first round of funding at a valuation of $33 million from Future Group's Kishore Biyani, ex-Infosys director TV Mohandas Pai, Innov8  founder Ritesh Malik and former Facebook MD Kirthiga Reddy among others.

While Maheshwari did not disclose the fund raised by the immersive virtual education learning startup from 70 global entrepreneurs, he said he diluted less than 15 percent equity.

"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,” Maheshwari told Moneycontrol on February 7.

Leaders from global companies such as Microsoft, Facebook parent Meta, Coinbase, Google, Twitter, Uber, Amazon, Softbank, Spotify, GoJek, LinkedIn, and Disney also participated in the funding round, Maheshwari said without sharing the names.

The company will focus on innovating across three dimensions, virtual experience, virtual identity and virtual assets for students.

"We will be primarily working on creating a virtual experience vs attending a Zoom or Meet call. A lot of learning happens outside the classroom. The technology has become so advanced, you can bring an immersive experience of being outside your classroom, sitting in a cafeteria. How powerful would that be," Maheshwari said over the phone.

The platform will allow 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, it would also facilitate peer-to-peer learning adding a community layer that was missing in online learning, he said.

Moneycontrol reported in December that Maheshwari, who had relocated to the US as the senior director, global strategy and operations of Twitter, exited the social platform to launch his ed-tech startup.

Metaverse has been in the limelight over the past few months for its potential to transform new-age businesses—from education to entertainment. Investors across the globe are looking for opportunities to invest in this segment.

Maheshwari launched the company along with Tanay Pratap who has worked as a senior software engineer with Microsoft and is now the chief technology 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.