Mumbai-based online education platform Lido Learning has raised $3 Mn in its Series A round led by Ronnie Screwvala, chairman of another edtech startup Upgrad. Other investors in the round included Medlife CEO Ananth Narayanan, MD JK Tyres Vikrampati Singhania, CEO Shaadi.com Anupam Mittal and MD of Patni Wealth Advisors Arihant Patni, among others.
Lido Learning, which was founded in April 2019 by Sahil Sheth, provides year-long online tutorials in math and science for students of class 5 to 9. The edtech startup also offers an immersive experience with services like animated videos, interactive games, a personalised platform for homework, tests, challenges, and live classes to make education more interesting. Lido claims to have over 51-200 employees currently.
However, the launch of Lido came with a bulk of controversy and accusations. In September 2019, another edtech startup Zico Learning, which provided similar services to Lido, accused Sahil Sheth of allegedly stealing 1180 confidential files from the company to start his own venture.
A source had told Inc42, that the Sheth had started working with Zico in 2018 and was involved with the hiring process as well. The source also added that Zico was in talks to raise INR 9 Cr from various investors, including Screwvala.
The source went on to add that in March 2019, Sheth told Zico’s founder Adam Khorakiwala that he will be quitting the company. While leaving the company, Sheth asked other employees to quit their job and join him at Lido Learning.
This resulted in Zico losing all the employees. Moreover, the investors also pulled out of the committed deal and since then, the company’s website has been inaccessible.
Khorakiwala, on July 31, 2019, filed an FIR at N.M Joshi Marg, Mumbai, accusing Sheth of multiple violations under the Indian Penal Code and Information Technology Act 2000.
On August 27 and 30, Police also raided Lido Learning offices in Lower Parel, Mumbai. The investigation is still underway.
However, in a subsequent statement to Inc42, Sheth denied all the accusations and added that he was not involved in the company as “shareholder, director, or employee.” Sheth added, “This case is being handled by the police as they see fit. Due process is being followed and we have cooperated completely with the police.”
Previously, Sheth also founded Infinite Student in 2012, which was acquired by BYJU’S in 2015. After that, Sheth served as the Vice President at BYJU’S.