[Funding alert] Paytm President, Rocket Internet Founder and others invest $3M in edtech startup Lido Learning
“Lido is addressing a massive market opportunity, and has built incredible momentum and a rockstar management team,” said Paytm President Madhur Deora.
After securing a $3 million Series A funding in November last year, Mumbai-based edtech startup Lido Learning has now raised another $3 million within just a year of inception. The latest investors coming onboard this Series B round include Picus Capital backed by Rocket Internet Founder Alex Samwer, and President of Paytm, Madhur Deora.
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 is Picus’ first investment in the edtech space and one of its first in India.
Paytm President, Madhur Deora, added,
“Lido is addressing a massive market opportunity, and has built incredible momentum and a rockstar management team.”
Piloted by second time ed-tech entrepreneur Sahil Sheth who had sold his previous company to Byju’s in 2015, 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.
Talking about future growth, Founder and CEO Sahil Sheth 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”.
Founded in 2019, Lido Learning offers live tutoring and personalised online coaching sessions to students from Class V-Class IX in Math and Sciences from both CBSE and ICSE boards. The platform characterises itself as an online immersive live tutoring platform for students, including features like interactive sessions, engaging quizzes and immersive games. The app is available on Google Play Store.
According to a Google and KPMG report, primary and secondary supplementary education will be the largest category in online education by 2021 growing at a CAGR of 60 percent. Taking advantage of the rapid internet penetration across India, Lido Learning pushes learning outcomes through a 6:1 student-teacher ratio, frontier technologies, personalised content and more. It is expanding from metros to Tier-II and Tier-III cities.
(Edited by Kanishk Singh)
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