Mumbai-based ed-tech startup Lido Learning is on its way to raise INR 10.93 Cr (about $1.3 Mn) funding from six investors which including Oracle Insurance Services, the company’s managerial filings have also confirmed the following. The company has previously raised INR 3.37 Cr from these investors, as per the report on filings.
So far a large number big investors have funded the startup. Some of them include Germany-based Mackler Gmbh’s Felix Jahn has funded INR 1.09 Cr, Oracle Insurance Services Pvt Ltd has infused INR 99.98 Lakh, US-based early-stage ed-tech platform GoStudent’s founder Felix Ohswald has invested INR 59 Lakh in the firm.
Apart from this, advisory firm Arrive Advisors has also invested INR 39.98 Lakh, DN Capital’s Nenad Marovac has invested INR 18.23 Lakh moreover Finovate Capital’s founder Akshat Birla funded INR 9.98 Lakh. The funding details of the larger round has not been published yet.
According to the reports of Ministry of the Corporate Affairs (MCA), the organisation has distributed 15,290 Series Seed 1 Compulsorily Convertible Preference Shares (CCPS) of face value INR 20 each at a premium of INR 2,188.14 per share at an investment price of INR 2,208.14.
Earlier to this, Lido Learning locked its Series B funding round driven by BAce Capital at $10 Mn in April 2020, with assistance from existing investors. However, experts close to the matter previously told that the company is in consultations to raise $20 Mn to $30 Mn with Curefit and TikTok’s parent ByteDance at a $100 Mn evaluation for the same round.
The firm is studying to use this funding to develop its product offering and try it into the international market. The company is also looking to increase its Tier II and III presence.
Lido Learning was established in April 2019 by Sahil Sheth in an attempt to provide a year-long online tutorial in math and science for learners of class 5 to 9. The company empowers students to connect online with live tutors who offer math and science tutorials. The company has also started coding classes for kids as well, accompanied by English lessons.
Parents pay for the subscription fee for their kids to escort small group classes through real-time intercommunication with teachers. The company challenges to have an average growth rate of 50% month-on-month.
Lido Learning’s investors comprise of Rocket Internet founder, Alex Samwer-backed Picus Capital, Paytm President Madhur Deora, Medlife CEO Ananth Narayanan, MD JK Tyres Vikrampati Singhania, CEO, Shaadi.com Anupam Mittal and MD of Patni Wealth Advisors Arihant Patni, amongst others.