[Funding alert] Edtech startup Lido Learning raises $3M in Series A from Ronnie Screwvala, others
Mumbai-based edtech startup Lido learning has raised $3 million as part of its Series A funding round, led by investors like Ronnie Screwvala (Chairman, Upgrad), Ananth Narayanan (CEO, Medlife), Vikrampati Singhania (MD, JK Tyres), Anupam Mittal (CEO, Shaadi.com), and Arihant Patni (MD, Patni Wealth Advisors), among others.
“Online tutoring is very nascent, and Lido has a clear opportunity for market leadership with the strong product and tech it has developed,” said Ronnie Screwvala, speaking on the investment.
Founded in April 2019 by Sahil Sheth, Lido Learning caters to students from classes five to nine, offering year-long coaching classes in mathematics and science through an integrated online platform that combines content with tutors from across the country.
Every class has a maximum student to teacher ratio of 6:1 to ensure that each student receives enough attention for coaching, feedback, and doubt-clearance.
The startup claims that, within a few weeks of learning on Lido, students are performing 20 percent better on classroom tests and are feeling more prepared and confident to participate in class. Based on their class performance, students are given customised homework, remedial help, and challenges to push their limits, it said.
According to a Google-KPMG report, the online tutoring market is expected to grow dramatically in the next two years to around 10 million users. This will still represent only a tiny sliver of the Indian market that has over 250 million students currently enrolled in schools, indicating a tremendous potential.
Lido’s goal thus is to provide a personalised learning experience to every student – 250 million unique classrooms for 250 million unique students.
“Given its futuristic platform, engaging content, and highly skilled teachers and mentors, Lido is expected to disrupt the existing K-12 ed-tech industry through a massive improvement in quality while being affordable to the average student,” Lido said in a statement.
(Edited by Athirupa Geetha Manichandar)