Mumbai-based edtech startup Lido Learning is looking to raise INR 10.93 Cr (about $1.3 Mn) funding from six investors, including Oracle Insurance Services, the company’s regulatory filings have confirmed. The company has already raised INR 3.37 Cr from these investors, as per the filings.
So far, Germany-based Mackler Gmbh’s Felix Jahn has invested INR 1.09 Cr, Oracle Insurance Services Pvt Ltd has infused INR 99.98 Lakh, US-based early-stage edtech platform GoStudent’s founder Felix Ohswald has invested INR 59 Lakh in the company.
Besides this, advisory firm Arrive Advisors has invested INR 39.98 Lakh, DN Capital’s Nenad Marovac has invested INR 18.23 Lakh and Finovate Capital’s founder Akshat Birla infused INR 9.98 Lakh. The funding breakup of the larger round has not been disclosed yet.
According to the ministry of the corporate affairs (MCA) filings accessed by Inc42, the company has allotted 15,290 Series Seed 1 Compulsorily Convertible Preference Shares (CCPS) of face value INR 20 each at a premium of INR 2,188.14 pee share at an issue price of INR 2,208.14.
Prior to this, Lido Learning closed its Series B funding round led by BAce Capital at $10 Mn in April 2020, with participation from existing investors. However, sources close to the matter previously told Inc42 that the company is in talks to raise $20 Mn to $30 Mn with Curefit and TikTok’s parent ByteDance at a $100 Mn valuation for the same round.
The company is looking to use this funding to expand its product offering and venture into the international market. The company is also looking to strengthen its Tier II and III presence.
Lido Learning was founded in April 2019 by Sahil Sheth to offer year-long online tutorials in math and science for students of class 5 to 9. The company enables students to connect online with live teachers who offer math and science tutorials. The company has also launched coding classes for kids as well, along with English lessons.
Parents pay a subscription fee for their kids to attend small group classes through real-time interactions with teachers. The company claims to have an average growth rate of 50% month-on-month.
Lido Learning’s investors include Rocket Internet founder Alex Samwer-backed Picus Capital, Paytm president Madhur Deora, Medlife CEO Ananth Narayanan, MD JK Tyres Vikrampati Singhania, CEO, Shaadi.com Anupam Mittal and MD of Patni Wealth Advisors Arihant Patni, among others.