Local edtech startup Lido Learning said on Friday it has raised $ 10 million, led by Ronnie Screwvala’s Unilazer Ventures.
Lido Learning said it will use the funds to push forward its expansion plans in India, as well as abroad. It will also launch its user application to give students access to free video content aligned with the curriculum for life.
Earlier this week, Lido Learning announced its entry into the United States and Canada, with its flagship coding program that uses the “pair learning” methodology, consisting of two students per teacher to facilitate faster learning, interactions deeper insights and real-time problem solving.
With this round, Lido Learning has so far raised $ 20 million from institutional investors such as Alibaba-backed BACE Ventures, Rocket Internet-backed Picus Capital, and 9 Unicorns, along with leading entrepreneurs such as Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal, Ananth Narayanan. , among others.
Two-year-old Lido Learning offers small group online tutoring to students in kindergarten through grade 12. It offers classes in math, science, coding, and English.
“Lido is the first in the country to recognize the power of small group learning, while being enabled by technology, for faster learning and success. We are going to use this new round of capital to ensure that our classes are accessible to students from all corners of India as well as the world. We will redouble our efforts to connect students with the exceptionally well-qualified and dedicated teaching talent of India, “said Sahil Sheth, Founder and CEO of Lido Learning.
Edtech claims it is on track to hit a revenue run rate of $ 100 million by the end of the current financial year.
“Lido is the first to move into the small-group online enrollment space. The company has distinguished itself from the start from all other players offering primarily self-directed learning or large group classes. Lido’s strategy of immersive learning and rewarding positive learning outcomes has ensured that it is best positioned to cement the $ 15 billion neighborhood tuition market, “said Ronnie Screwvala, founder of Unilazer Ventures.
Screwvala is also the founder of higher learning edtech upGrad.
Lido Leaning plans to launch its platform in the United Kingdom, Australia, New Zealand and Southeast Asia in early 2022. It is already present in the Middle East, the United States, Canada, among others.