Edtech Startup Lido Learning Raises $10 Mn Funding
The company plans to use the funds to fuel its expansion plans in India as well as abroad
Edtech startup Lido Learning has raised a $10 million funding round led by Ronnie Screwvala’sUnilazer Ventures.
The company plans to use this new round of capital to fuel its expansion plans in India as well as abroad.
“Lido is the first in the country to recognize the power of learning in small groups, while being enabled by technology, for faster learning and success. We’re going to use this new round of capital to ensure that our classes are accessible to students from every corner of India as well as the world. We’re going to double down on our efforts to connect students with India’s exceptionally well-qualified and dedicated teaching talent,” said Sahil Sheth, founder, and chief executive officer, Lido Learning.
The small group, online tuitions company has seen phenomenal growth and is currently on track to reach a $100 million run rate by end of the financial year. Lido Learning currently offers tuitions in Maths, Science, and English aligned with the CBSE and ICSE for students from kindergarten to grade 12.
“Lido is the first mover in the small-group, online tuitions space. The company has differentiated itself from the start from all other players that primarily offer self-directed learning or large-group classes. Lido’s strategy of immersive learning and rewarding positive learning outcomes has ensured that it is best-positioned to consolidate the $15 billion neighborhood tuition market,” added Ronnie Screwvala, founder, Unilazer Ventures.
Plans are also in place for the startup to launch in the UK, Australia, New Zealand, and South East Asia in early 2022, in addition to its existing Middle-Eastern, American, and Canadian operations. As well as to introduce classes in all these geographies in the other subjects already being offered by the edtech at home.
The company has so far raised $20 million from institutional investors such as Alibaba-backed BACE Ventures, Rocket Internet-backed Picus Capital, and 9Unicorns along with entrepreneurs like Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal, Ananth Narayanan, amongst others.