Lido Learning bags Rs 41 crore in funding
- ByAyushi Ray | September 10, 2021
Lido Learning bags Rs 41 crore in funding. from angel investor Ronnie Screwvala and ZNL Growth Fund Scheme 1. Lido Learning passed a special resolution to approve the allotment of 1,41,493 Series Seed 2 preference shares at an issue price of Rs 2,880 per share to raise Rs 40.75 crore, regulatory filings sourced from business intelligence platform Tofler showed. Screwvala is the chairperson and cofounder of higher education platform upGrad. In November 2019, Lido Learning raised $3 million in its Series A funding round, from Screwvala and Ananth Narayanan, founder of Mensa Brands, among other high net-worth individual investors. Screwvala is the second-largest stakeholder in Lido Learning after founder Sahil Seth, as of October 2020, according to Entrackr’s report.
Lido Learning provides live online tuition classes to children from kindergarten to Class 9. It offers classes in math, science, English and coding. Earlier this month, it launched a coding programme in the United States and Canada, opening its expertise of coding tutors to overseas markets. It plans to expand to the UK, Southeast Asia, Australia, and New Zealand. In April last year, Lido Learning secured $4.5 million in its Series B funding round. The round was led by Ant Financial-backed BAce Capital. upGrad recently said it had acquired KnowledgeHut, a startup that provides short duration upskilling and reskilling courses to professionals. upGrad has earmarked $250 million for mergers and acquisitions. The ed-tech firm is set to hire 1,000 people in three months as part of its expansion plans, it said in June.
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