Established in April 2019, Lido Learning is a startup online tutoring platform currently operating within the K-10 segment. It is catering to the education needs of over 5000 students with the use of live and personalized teaching methods via web-based platforms and mobile applications. With the pandemic and schools remaining shut, an increasing number of consumers have been gradually adapting to online education. Taking the advantage, Lido Learning to raise $30 Million with potential investors in the next couple of years.
EdTech space has grown rapidly during the Covid-19 situation and is showing promising growth. This has attracted investors to invest in Lido Learning. – Sahil Sheth, Founder of Lido Learning
The EdTech startup is considering several investors and aims to raise between $20-30 million at a $100 million valuation. They are looking to enhance their product offering at the same time, creating a space for themselves in the international market. They hope to double their team size to at least 2000 employees by the end of 2020.
Amongst the investors being considered are health and fitness company, Curefit, and the parent company of TikTok, Bytedance. Lido learning has completed a Series A funding with a raised amount of $3 million. They have further raised $7.5 million in their Series B funding. With further investment from Curefit and Bytedance, Lido Learning to raise $30 million and enter the race of leading online learning platforms.
After the pandemic’s initial shock, the challenging situation has been used well to the advantage of many startups. Many companies have sailed through the challenge and are looking after consumer needs through digital transformation.
Bytedance, which is known to be ‘one of the world’s most richly valued startups,’ has been spreading its reach deep into the EdTech sector. The ban on TikTok and 58 other Chinese apps in India has pushed Bytedance into considering alternatives.
Founded in 2016, Curefit has extended its arms with a chain of health and fitness centers in India. All of these have been deeply impacted due to the pandemic and ensuing lockdown. Their recovery plan is to invest in the sector most likely to bring back profitable returns. Curefit is currently looking into investing in Lido Learning as a step towards its aim to recover fully within a year.
EdTech players will now look at new paths to expand their learner base, explore new markets, especially in Tier 2 & 3 cities. The future holds a lot of promise and is for sure to welcome the birth of new EdTech players. – Krishna Kumar, Founder & CEO, Simplilearn.
The start of 2020 has witnessed a compelling rise in the interest of venture capitalists from global and local funds towards investing in India’s education technology. With the New Education Policy (NEP), there is a special focus on digital learning platforms. Eventually, making way for edtech startups to spread their business. The NEP will also lead policy guidelines for online education to further encourage digital learning mediums. On the other hand, edtech players consider bridging the gap with technology is the right solution, and they are also excited to lead the change.
The current situation demands creative and innovative ways to maintain a stable niche in the market. Edtech companies are making the most of it. With an increasing need for online learning, investing in the EdTech industry will be a positive way of assuring profitable returns—perfect timing for Lido learning to raise $30 Million.