Invact CEO Manish Maheshwari has breached the startup agreement: claims an angel investor

Invact CEO Manish Maheshwari has breached the startup agreement: claims an angel investor

Bengaluru: Gergely Orosz, one of the first angels in troubled ed-tech company Invact Metaversity, told the company’s investors that its co-founder and CEO Manish Maheshwari wanted “more equity than a deposit.” Maheshwari, the former head of Twitter for India, previously said he would leave the startup, but returned to his words, says Orosz.

ETtech checked the e-mail sent by Orosz.

Invact Metaversity co-founder Tanay Pratap was also identified in the email. Orosz has previously stated on Twitter that Maheshwari is holding the company hostage.

In an e-mail following a public dispute between the founders, he said he had spoken to Pratap employees and “decided to take action.” “I can resolve conflicts through my public presence to get Manish to agree to the call,” he said.

“Manish called me to resolve the situation he had lied to me and withdrew from our agreement shortly afterwards. In this call I recorded … Manish said that the only thing that kept him from accepting the redemption offer was that he would keep his stakes … He said he didn’t want anything else: no cash, nothing else. I agreed to remove my public mention of him and to help do so, provided that he signed it. The appointed investors updated the agreement. I removed all public mention. I have kept my side of the agreement, “he said in a letter sent on May 26.

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“Manish then refused to sign and returned to everything we agreed on … He now demands more equity than is invested, a significant amount of cash – which he told me he would never do – and a seat on the board. ”

ETtech reported on May 23 that an e-mail that Pratap had sent to investors detailing the rift between him and Maheshwari, stating that the company was on the verge of being stopped because it was laying off employees.

Orosz said negotiations between the named investors were now frozen after Maheshwari had returned to an offer he thought would be good enough for him. “The appointed investors are considering the interest of the company, employees, investors and have offered a package that is more than fair given the situation,” he added in an e-mail detailing his interview with Maheshwari, urging investors to call and tell him. ‘act responsibly’.

“We are all waiting for Manish to act like a professional: he will keep his word and sign an agreement with which he has agreed to sign it,” he added in his e-mail.

The two founders of Invact Metaversity, which began operations in October last year, had differing views on the vision and implementation of the startup and presented these issues to their investors last month.

Invact Metaversity acquired $ 5 million led by Arkam Ventures in February and investors including Antler India, Picus Capital (Germany), M Venture Partners (Singapore), BECO Capital (Dubai) and 2amVC (USA), valuing the startup at $ 33 million .

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