Mumbai-based ed-tech startup Lido Learning has raised $10 million in a funding round led by Ronnie Screwvala-helmed Unilazer Ventures.
The raised capital will be deployed for its expansion in India and abroad. The company will also launch its user application to give students access to free curriculum-aligned video content for life.
With the latest round, Lido Learning total funds raised are tuned to $20 million from marquee institutional investors such as Alibaba-backed BACE Ventures, and Rocket Internet-backed Picus Capital, along with leading entrepreneurs including Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal, and Ananth Narayanan, among others.
Started in 2019, Lido Learning offers live online tuition classes to students from KG to 9th standard in Mathematics, science, English and coding from CBSE and ICSE boards. Its subscription ranges from INR 50,000 to INR 140,000.
Earlier this week, Lido Learning announced its entry into the US and Canada, with its flagship coding program that uses ‘paired learning’ methods, involving two students per teacher to facilitate faster learning, deeper interactions and problem-solving in real-time.
As per Lido Learning, it is currently on target to reach a $ 100 million run rate by the end of the current financial year.
Sahil Sheth, Founder and CEO of Lido Learning, said, “We’re going to use this new round of capital to double down on our efforts to connect students all over the world with India’s exceptionally well-qualified and dedicated teaching talent. Lido was the first in the country to recognise the power of learning in small groups, while being enabled by technology, for faster learning and success. We now want to take it to the rest of the world.”
Ronnie Screwvala, Founder of Unilazer Ventures, said, “Lido is the first mover in the small-group, online tuition space. The company has differentiated itself from the start from all other players that primarily offer 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 consolidate the $15 billion neighbourhood tuition market.”
The platform’s plans to expand globally/ launch its services in UK, Australia, New Zealand, and Southeast Asia in early 2022, moreover it will strengthen its existing Middle-Eastern, American, and Canadian operations.