Elearning platform Lido Learning recently announced that it has raised $3mn in Series B funding from Rocket Internet founder-backed Picus Capital and Paytm President Madhur Deora.
This is the Mumbai-based startup’s second fundraiser within just one year of its inception. The edtech startup had earlier raised $3mn in Series A funding round in November last year.
It is being reported that this is Picus Capital’s first investment in the edtech space and one of its first in the Indian talent ecosystem.
Commenting on the investment, Florian Reichert, a partner at Picus Capital, said, “Lido Learning has built a very comprehensive and targeted product to take the Indian tutoring market online and to deliver real value to its students. The tremendous growth in the months since launch has proofed the great product-market fit they have found.”
Lido Learning was founded in 2019 by second time ed-tech entrepreneur Sahil Sheth. Seth had earlier founded Infinite Student which was later acquired by edtech unicorn BYJU’S in 2015. Post the acquisition of his first startup, Seth joined BYJU’S as Vice President.
Lido’s existing investors include Ronnie Screwvala (Founder, Unilazer Ventures), Ananth Narayanan (CEO, Medlife), Vikrampati Singhania (MD, JK Tyres), Anupam Mittal (CEO, Shaadi.com), Mayank Kumar (Founder, upGrad), Javed Tapia (Founder, Clover Infotech), Arihant Patni (MD, Patni Wealth Advisors), among others.
Speaking about Lido’s scope in the edtech market, Paytm President, Madhur Deora said, “Lido is addressing a massive market opportunity, and has built incredible momentum and a rockstar management team.”
Talking about future growth, Founder and CEO Sahil Sheth in a statement said, “Lido Learning is actively disrupting the K-12 market. Considering the current global pandemic, learning online has become the need of the hour. This is pulling the Indian market towards adopting online tutorials much faster than initially expected and is a huge tailwind enabling us to become a dominant category creator within a short span of time”.
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