LIDO’S ‘NO EMPTY PROMISE’ HAS TURNED INTO EMPTY POCKETS
Lido Learning is a Mumbai-based Indian educational technology (EdTech) startup that focuses on providing online education. The company was founded by Sahil Sheth in April 2019 and had raised over $20 million to date. During the last six months the Ronnie Screwvala's Unilazer Venture had funded round of $10 million, which had pushed the start-up’s total fundraise to nearly $30 million since inception in mid-2019.
Until recently, The start-up told teachers in an email that it "was facing financial difficulties" and is committed to "pay your dues, as mentioned in your service agreement, in the next 90 days".
The online platform that was planning to increase its expertise to the US and Canada had to shut down due to funding crunch. They had promised parents refund on subscription if they don’t see promised results, in addition to the problem they weren’t able to stand with minimum salary policy for the tutors. In the end Mass layoffs and several unpaid dues resulted in a huge financial crisis.
Several vendors and employees of Lido Learning took to social media and professional networking platforms, complaining about delayed payments and no salaries for nearly two months. The parents have also filed complaints with the Consumer Forum, adding to an existing list of nearly 70-80 complaints against Lido Learning.
During the hit of pandemic and spike in EdTech companies the cut-throat competition has resulted in the fall of a home grown brand named lido learning leaving parents, employees, tutors, investors empty handed.
