Mumbai-based edtech startup Lido Learning — backed by Ronnie Screwvala, Mukesh Bansal, Vijay Shekhar Sharma, Anupam Mittal, etc. — has shut down its operations, as reported by media outlets.
While Lido Learning is yet to make an official statement, it has emailed its employees relaying its closing down. As per reports, Lido Learning has terminated around 150 employees, while many employees and vendors are complaining about due payments and salary delays on social media.
Team Lido
Founded by Sahil Sheth in April 2019, Lido Learning offers small group online tutoring on math, science, coding, and English from the CBSE and ICSE boards for KG - K-12 students. Lido Learning offers live tutorials with personalised attention for each student, with the teacher-student ratio at 1:6.
Interestingly, Lido Learning raised $10 million in September 2021 led by Ronnie Screwvala’s Unilazer Venture. The startup had also announced its expansion into the US, Canada, Australia, New Zealand, and SouthEast Asia in the same month. It was planning further expansion in India and overseas with the fresh funds.
According to various media reports, the startup was in talks to raise about $30 million from Singapore-based Temasek, but it failed.
According to Rishabh Kumar's LinkedIn post, it was his "1st (first) worst experience in the edtech industry."
The Assistant Marketing Manager of Lido Learning, continued, "The company closed its business suddenly in the morning, 2 days before salary day without giving any notice to anyone. It is no other than Lido."
He added, "Everything was going well and suddenly on February 4, 2022, an official town hall was announced in the morning. The founder announced the organisation is having no funds to run its business and they are shutting it down."
In an email to teachers, the startup said it "was facing financial difficulties," and also promised to "pay your dues as mentioned in your service agreement", in the next 90 days.
Edited by Suman Singh