Founded in 2019, Lido Learning quickly became a popular choice among parents and students due to its innovative teaching methods. The company’s objective was to transform the traditional education system in India by providing accessible and affordable online education to all. Lido Learning quickly expanded its services to cover multiple academic disciplines, including science, math, and languages.
In the early days, Lido Learning raised $4.5 million in a seed round led by Ronnie Screwvala’s Unilazer Ventures. In 2020, the company raised an additional $7.5 million in a round led by BAce Capital, with participation from other investors. In May 2021, the company raised $10 million in a Series B funding round, led by BAce Capital and with participation from several other investors. The company later announced that it had raised $20 million in Series C funding, bringing its total funding to $41.5 million.
Lido Learning grew rapidly over the years, becoming one of the fastest-growing edtech companies in India. By 2022, the company had more than a thousand employees and was serving thousands of students across India. The company’s revenue had also grown significantly, and it was expected to continue growing in the years to come.
However, on September 9th, 2022, Lido Learning announced that it was filing for bankruptcy and laying off all of its employees. The company’s filing stated that it was unable to manage its debt obligations due to a severe drop in revenue and increased competition from other edtech companies. In a statement, the company’s CEO, Sahil Sheth, expressed regret over the layoffs but stated that the company had no other option. He also expressed hope that the company would be able to overcome its current difficulties in the future.
The story of Lido Learning is a cautionary tale for edtech companies and investors alike. Although the company experienced significant growth in its early years, it was unable to sustain its success due to competition and financial difficulties. As the edtech industry continues to grow, it is crucial for companies to remain vigilant and adapt to changing market conditions. However, even with these challenges, there is still significant potential for success in the edtech industry, and companies that can find the right balance of innovation, affordability, and accessibility are likely to succeed in the long run.