Reliance Industries to invest in edtech startup Lido Learning
- ByStartupStory | June 2, 2022
Lido Learning, a start-up by an ex-Byju employee, is in talks for investment by Reliance Industries.
It would be a lease of life for the startup as recently it laid off 1,200 employees soon after getting a funding worth $10 million from Ronnie Screwwala’s Unilazer Ventures in 2021.The deal size is not known but can be disclosed within a week
Some of the employees are still to be paid their last month’s salary after experiencing one of the massive lay off in the Indian startup ecosystem. Sheth has been looking for investors to revive his firm and is actively willing to sell the company’s assets to pay the salaries of employees.
Founded by Sahil Seth in 2019 , an Ex-Byju employee , the company has raised $23 million till now. The company’s intro says ‘With our face-to-face, online classes with small batch size. Your report card will show better marks’!
Definitive documents haven’t been signed yet, but the two companies are in advanced talks,”infact there is a possibility of even an acquisition.”
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