Manish Maheshwari has officially resigned as the Chief Executive Officer (CEO) and Director of edtech startup following the differences between the co-founders.
Tanay Pratap, the Chief Technology Officer (CTO) and Co-founder, would take over Invact’s leadership, the company shared in a tweet on Friday.
“The decision to part ways was not an easy one, but ultimately, Manish and Tanay had diverging visions for the company’s long-term prospects. Invact will continue and under leadership of Tanay will pursue its vision to make quality education accessible via Metaversity (sic),” the company said on its Twitter handle.
“I am moving out of Invact to first take a break for a few months and then pursue new opportunities. It is heartbreaking for a founder to leave the startup, like a mother leaving her baby. I am going through the same emotion,” Manish said in a tweet.
“I have full trust in Tanay. . I will be cheering from the sidelines for Invact to become the next unicorn and ultimately go for an IPO under his leadership,” he said.
The startup, which offered a 16-week MBA programme, had cancelled its first cohort, refunding the fee with interest to students.
In a series of developments, Gergely Orosz, an angel investor in the Bengaluru-based startup that was launched about six months ago, had suggested Manish was misleading the investors and was holding the company hostage.
In a series of tweets, he explained that he had an agreement with Manish for him to step down, which the former Twitter India head failed to keep.
After the announcement, he wrote on Twitter, “With a startup, focusing on the future is more important than dwelling on the past. I keep being a proud investor and supporter of Invact, of Tanay and the whole team. I believe that the next big thing in EdTech might just come from India.”
The startup had raised $5 million in funding from over 70 global entrepreneurs, including those from Microsoft, Meta (previously, Facebook), Coinbase, Google, Twitter, Uber, Amazon, SoftBank, World Bank, Ford Foundation, Qatar Foundation, McKinsey, Spotify, GoJek, LinkedIn, Notion, and Disney, among others in February, at a valuation of $33 million.
“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,” Tanay tweeted.
