Lido raises over Rs 56 cr in funding led by Ant Financial group firm

Education technology firm Lido Learning has raised over Rs 56 crore in funding led-by Ant Financial-backed BAce Capital to expand its offering to Indian students, the company said on Tuesday.

"Lido Learning, an ed-tech startup focusing on live online tutorials, has just closed a USD 7.5 million (about Rs 56 crore) Series B round. The round is led by Ant Financial-backed Bace Capital, and completes the ed-tech startup's overall funding at USD 10.5 million. Existing investors also participated in the round," the statement said.

Lido is BAce Capital's first ed-tech investment in India, as part of a strategy to continue investing in early stage companies in emerging economies, focusing on India and Southeast Asia.

"In just a couple of months, Lido has built a community of students, tutors and parents leveraging its technology to make education more accessible. During the tough season of a global pandemic and in the years after, BAce is committed in supporting Lido to deliver the best quality tutoring services to Indian families," BAce Capital Managing Partner Benny Chen said.

Bace Capital has earlier invested in Paytm, Zomato, Big Basket etc.

During the lockdown, many education technology start-ups have started distance learning for students. Lido operates in the segment to connect expert teachers to students across the country.

The startup offers mathematics and Science tutorials for Classes 5-9 in ICSE and CBSE syllabus.

With the new funding, Lido plans to build a presence in tier 2 ad 3 towns across India and expand into more curriculum focused subjects, as well as modern skills like analytical thinking, critical reasoning, communication, collaboration, and creativity, the statement said.

"Our vision is to build 250 million unique learning journeys for 250 million unique Indian students, and we are constantly striving to get there," Lido Learning founder and CEO Sahil Sheth said.