Mumbai-based startup Lido Learning has raised Rs 29.5 crore from about a dozen investors including angels and family offices in its ongoing Seed-1 funding round. Nidhi Arora has invested Rs 3.5 crore whereas Vijay Shekhar Sharma’s VSS Investco, S.Chand & Co, Sanjay Kapoor and Felix Ohswald have poured in Rs 1 crore each.
Lido Learning conducts online coaching in Maths, Science, English and coding genres to children of grade 4 to 9.
Lido Learning was founded in 2019 by Sahil Sheth. The edtech startup had raised to $10.5 Mn in this round led by BAce Capital. Overall, the company’s investors include Rocket Internet founder Alex Samwer-backed Picus Capital, Paytm president Madhur Deora, Medlife CEO Ananth Narayanan, MD JK Tyres Vikrampati Singhania, CEO, Shaadi.com Anupam Mittal and MD of Patni Wealth Advisors Arihant Patni, among others.
Post allotment of the latest tranche, founder Sahil Sheth remains the largest stakeholder in Lido, controlling 46.75% stake followed by UpGrad founder Screwvala who holds 15.19% stake. BAce capital continues to hold 9.39% whereas Juneja Family Trusts (Rajeev and Ramesh) hold around 3.35% stake.
The scope of online learning has increased multifold as offline institutions have been closed since the last week of March due to the pandemic. Due to the same, there are large number of investors investing in education related and edtech startups.