Edtech startup Lido Learning shuts operations

In a nightmare for more than 150 employees, local edtech startup Lido Learning has apparently shut down, backed by top entrepreneur Ronnie Screwvala, who has become a social media platform. 

Some Lido Learning vendors and employees used social media and professional networking platforms to complain of late payments and nearly two months of no salary. 

Rishabh Kumar, assistant marketing manager at Lido Learning shared his first worst experience in the edtech industry saying that the company closed its business suddenly in the morning, 2 days before salary day without giving any notice to anyone. 

According to employees, Lido Learning founder Sahil Sheth spoke at a town hall meeting, telling the startup that it's in financial trouble. Another former Lido employee who retired in November posted to LinkedIn that he was still unpaid despite several attempts. 

Industry sources told IANS that Lido Learning has ceased operations and is sending email alerts to employees. The startup has not yet officially announced the closure of its business. Last September, Lido Learning announced that it had raised $ 10 million, led by Unilazer Ventures of Ronnie Screwvala. 

Lido Learning has announced that it will use the funds to advance expansion plans in India and expand its global footprint. Startups have raised nearly $ 24 million so far. In a LinkedIn post,  Supreme Court lawyer Nitish Banka called for the fair treatment of Lido Learning teachers/students and staff.