Lido Learning shut down its operations

Lido Learning, the edtech startup backed by Ronnie Screwvala has shut down its operations. Lido Learning’s Assistant Marketing Manager Rishabh Kumar had also posted a note on LinkedIn about the same.

“Everything was going well suddenly on 4 Feb 2022, an official townhall has been announced in the morning. The founder announced that organisations is having no funds to run its business and they are shutting it down,” mentioned Kumar in the post on the professional networking platform.

Several vendors and employees of Lido Learning across social media have been complaining about payment dues and salary delays. Many such people also complained that the company has stopped responding to their messages.

The Mumbai-based startup had also announced its entry into the U.S. and Canada during September last year and was planning to expand into India and overseas with the new funds. The company used to offer live online tuition classes to students between classes KG to Class 9 in Math, Science, English, and coding from CBSE and ICSE boards.

It is said that the company had tried hard for a large financing round, however, it failed to convince new investors. As per reports, Lido Learning was in talks with Singapore-based Temasek to raise about $30 million.