Edtech startup Lido Learning on Friday said it has raised USD 10 million (about Rs 73.4 crore) from Ronnie Screwvala’s Unilazer Ventures. The company has raised USD 20 million so far from marquee investors like BACE Ventures, Picus Capital, 9 Unicorns, Paytm founder Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal, Ananth Narayanan and others.
Lido Learning, in a statement, said it is currently on track to reach a USD 100 million run rate by end of the financial year. Founded in 2019, Lido Learning offers classes in Maths, Science, Coding and English, for students from KG to Grade 12. The company plans to use the new round of capital to fuel its aggressive expansion plans in India as well as abroad. “Plans are in place 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,” the statement said.
“Lido is the first in the country to recognise 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,” Lido Learning founder and CEO Sahil Sheth said. He added that the company is “going to double down on our efforts to connect students with India’s exceptionally well-qualified and dedicated teaching talent”. Earlier this week, Lido Learning had announced its entry into the US and Canada with its flagship coding programme.
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,” Ronnie Screwvala, founder of Unilazer Ventures, said. Lido’s strategy of immersive learning and rewarding positive learning outcomes has ensured that it is best-positioned to consolidate the USD 15 billion neighbourhood tuition market, he added.
The edtech space has seen strong growth globally, including in India, with the COVID-19 pandemic serving as an inflection point. Many offline classes went online to ensure continuity of education while adhering to social distancing norms. Lido Learning’s first-ever TV advertising campaign will go live during the IPL season, along with the launch of its free user app to give students access to free curriculum-aligned video content for life.