Paytm President, Rocket Internet Founder, and existing investors double down on Lido Learning with $3M more
Mumbai: As the world’s investor community readies for a rough year, global investors continue to be very optimistic about the potential of India’s ed-tech industry. Mumbai-based Lido Learning has raised another $3million, within just a year of inception. The latest investors coming on board this round include Rocket Internet Founder Alex Samwer backed Picus Capital and President of Paytm, Madhur Deora.
The new investors expressed excitement about Lido’s rapid growth, product innovation and strong team. “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 proved the great product-market fit they have found. We are excited to be a part of the vision of improving the access to and quality of education – one of India’s largest and most important sectors – together with such a strong team,” said Florian Reichert, a partner at Picus Capital. Lido Learning is Picus’ first investment in the ed-tech space and one of its first in India.
Paytm President, Madhur Deora, echoed similar sentiments, saying, “Lido is addressing a massive market opportunity, and has built incredible momentum and a rockstar management team.”
Lido secured a $3M seed funding in November last year, piloted by second time ed-tech entrepreneur Sahil Sheth who had sold his previous company to Byju’s in 2015. The 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.
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%. Taking advantage of the rapid internet penetration across India, Lido Learning provides high-quality live, interactive tutoring sessions to students, and parents that push learning outcomes through a 6:1 student-teacher ratio, frontier technologies, personalised content and more. Lido Learning has already broken boundaries with its innovative approach and is trying to democratize high-quality education for all. It is expanding from metros to Tier II and Tier III cities,
in its first year itself, and conducting tutorials in English & Hinglish for ease of learning complex concepts in Math and Science.
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”.