Mumbai-based edtech startup Lido Learning has reportedly laid off 150 employees, citing financial constraints to run its day-to-day operations. The development comes nearly five months after the company raised USD 10 million from Ronnie Screwvala’s Unilazer Ventures. Several employees took to social media to share their experience and questioned their arbitary sacking.
“My 1st worst experience in the edtech industry. 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,” Rishabh Kumar, assistant marketing manager at Lido Learning, posted on LinkedIn.
“Everything was going well and suddenly on February 4, 2022, an official town hall was announced in the morning. The founder announced that the organisation is having no funds to run its business and they are shutting it down,” Kumar posted.
According to employees, Lido Learning’s Founder Sahil Sheth addressed the town hall meeting, informing them that the startup is going through financial constraints.
Founded in 2019, Lido Learning provides small-group online tutoring to kindergarten to grade 12 students. It offers classes in maths, science, coding and English. Till date, the startup has raised close to $24 Mn in funding, of which $10 Mn was raised in September last year