Lido Learning raises $3 million from Paytm president, Picus Capital
The Mumbai-based startup had raised $3 million in a seed funding round in November 2019.
March 30, 2020 / 04:19 PM IST
Online education startup Lido Learning said on March 30 it raised a funding round of $3 million from Paytm President Madhur Deora, and Picus Capital, a fund started by Alex Samver, formerly with German internet firm Rocket Internet.
Lido provides interactive tutoring to school students. The online education sector in India has grown big following the success of Byju’s, one of India’s most valuable startups. Lido’s founder Sahil Sheth was earlier a vice president at Byju’s.
Startups such as Byju’s, Unacademy, and Vedantu have seen at least 20%, if not more, increased in their usage in the last few days after India went into a three-week lockdown to stem the spread of coronavirus.
“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,” Sheth said in a statement.
The Mumbai-based startup raised $3 million in a seed funding round in November 2019 from angel investors, including Ronnie Screwvala (Founder, Unilazer Ventures), Ananth Narayanan (CEO, Medlife), and Anupam Mittal (CEO, Shaadi.com).