News: Ronnie Screwvala-backed Edtech startup Lido Learning shuts shop

Startups

Ronnie Screwvala-backed Edtech startup Lido Learning shuts shop

In September last year, Lido Learning announced it had raised $10 million, led by Ronnie Screwvala's Unilazer Ventures.
Ronnie Screwvala-backed Edtech startup Lido Learning shuts shop

Lido Learning, a local edtech business funded by renowned entrepreneur Ronnie Screwvala, has reportedly shut down, prompting its employees to seek support on social media platforms.

In August 2021, Ronnie Screwvala's edtech start-up upGrad concluded a round of raises from Temasek, IFC, and IIFL, making it a member of the coveted unicorn club.

Lido Learning raised $10 million in September last year, backed by Ronnie Screwvala's Unilazer Ventures. The online tuitions company had experienced rapid growth and was on target to generate a $100 million run rate (revenue) by the conclusion of the fiscal year. Lido Learning provided tuitions in CBSE and ICSE-aligned Math, Science, and English to students in grades KG through 12.

The company intended to expand aggressively both in India and internationally. During the IPL season, Lido Learning planned to launch its first-ever TV advertising campaign, as well as a free user app that would provide students with unlimited access to curriculum-aligned video content.

According to Ronnie Screwvala, founder of Unilazer Ventures and a leading entrepreneur, Lido was the first mover in the small-group online tuitions industry. He claimed that the company had set itself apart from the competition from the outset by focusing on self-directed learning and large-group classes.

Lido Learning had previously announced its expansion into the United States and Canada with its flagship coding programme, which employs the 'Pair Learning' methodology, which allows for faster learning, deeper interactions, and real-time problem-solving with just two students per teacher. In addition to its present Middle Eastern, American, and Canadian operations, plans were in place to start in the UK, Australia, New Zealand, and Southeast Asia in early 2022.

Screwvala founded Unilazer as a private equity firm that invests in Indian new economy companies and start-ups. Unilazer has made investments in a variety of industries, including e-commerce and a prominent online eyeglasses company in India, as well as AI and Bots, agriculture, and microhousing finance.

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Topics: Startups, #BusinessTransformation

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