ETtech has reviewed the email sent by Orosz.
Inactive Metavarsity cofounder Tanay Pratap was also flagged on the email. Oroz had earlier tweeted that Maheshwari had held the company hostage.
He said in an email after a public spat between the founders that he spoke to Pratap, the employees, and ‘decided to step up’. “I can use my public presence to resolve conflicts by persuading Manish for a call,” he said.
“Manish called with me to address the situation, where he lied to me, and went back to our agreement shortly after. From what I have recorded on this call…Manish said that the only thing left for him from taking the buyout offer is if he gets to keep his vested shares…. He said he didn’t want anything else: no cash, nothing else. I agree to help remove my public mentions of him, and to do so on condition that he signs. Designated investors updated the contract. I removed all public mentions. I have put my stand on the deal,” he said in a note sent on May 26.
“Manish then refused to sign and went back to what we agreed to…. He now asks for more equity than vests, a significant amount of cash — which he told me he would never do — and a board seat. ,
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ETtech reported on May 23 in an email that Pratap had told investors detailing the rift between him and Maheshwari that the company was on the verge of closure as it lays off employees.
Oroz said that talks between the nominated investors are on hold for now, after Maheshwari went back on a proposal, which he said would be good enough for him. “The designated investors are weighing the interests of the company, employees, investors and have offered a package that is more than justified, given the situation,” he added in the email, further detailing his conversation with Maheshwari and asking investors to help him. Asked to call to inform. To ‘act responsibly’.
He added in his email, “We are all looking forward to working on Manish like a professional: keep your word, and sign a deal that he agreed to.”
Both the founders of InVact Metaversity, which started operations in October last year, differed on the vision and execution of the startup and brought these issues to their investors last month.
Invoke Metaversity raised $5 million in February led by Arkam Ventures and investors including Antler India, Pickus Capital (Germany), M Venture Partners (Singapore), BECO Capital (Dubai) and 2amVC (US), valuing the startup at $33 million But did.
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