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Tuesday, June 28, 2022
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    HomeBusinessMetaversity shuts operation after few months of its launch

    Metaversity shuts operation after few months of its launch

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    In a long post on LinkedIn, ex-twitter CEO Manish Maheshwari has announced the shutting down of Metaversity, which Maheshwari and former Microsoft senior engineer Tanay Pratap had launched in May 2022.

    Maheshwari stated that while testing the early version, they found that the immersive learning and community experience were not getting delivered to the learners. Further, the ideological differences emerged between the founding team on the company’s vision of being an ed-tech company or metaverse company.

    “We are now standing at crossroads. We are exploring several options, such as (a) cutting the burn rate and pivoting to another idea, (b) letting one of the founders take full charge, or (c) returning the excess capital to investors. The last option is also being considered because it sets an example of how to execute fast, learn fast, and not commit oneself to build an undifferentiated product just because one has capital. Basis the collective inputs, we plan to take the final decision over the next few weeks,” Maheshwari wrote in the post.

    According to the post, the company had cancelled the courses before they began, and the course fee has been refunded to the students along with interest. “Our purpose was clear: we wanted to use Metaverse to make education more accessible and interactive for students, but things didn’t turn out as we had hoped,” he added.

    It is to be noted that in February 2022, Metaversity had raised five million dollars from global venture capitalists (VCs). It had also launched product management course and metaMBA programme.

    Read also: Former Twitter India Manish Maheshwari launches Invact Metaversity; a virtual education system

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