With the new funding, Lido plans to build a presence in Tier II and Tier III towns to democratize high quality education across India.
Lido Learning, an ed-tech startup focusing on live online tutorials, has just closed a $7.5 mn Series B round. The round is led by Ant Financial-backed BAce Capital, and completes the ed-tech startup’s overall funding at $10.5 million. Existing investors also participated in the round.
Amid the COVID-19 pandemic and with a growing number of parents exploring distance learning as an option for their children, Lido fills the crucial need for technology that connects expert teachers to students across the country.
Benny Chen, Managing Partner at BAce Capital, said, “The first time I met the Lido team, I realized this is not just another startup, but a strong team with a united vision to provide every Indian family with an equal and better quality education that they deserve. In just a couple of months, Lido has built a community of students, tutors, and parents leveraging its technology to make education more accessible, and improve the interaction between students and tutors significantly through measuring learning results.”
Sahil Sheth, Founder and CEO, Lido Learning, stated, “We are excited for this next stage of growth, as online tutorials are going to take off in a big way in India. With high-speed internet penetration, the tech infrastructure is ready; and as more students and parents experiment with online learning in the current pandemic, the customer mindset is ready.”
“At Lido, we want to make sure the online tutorial experience is significantly better than what you can get offline. That is why from day one we have been focused on building extreme personalization for every student’s needs, with AI and advanced analytics, while still keeping the fun of going to tuition classes with friends, and having a teacher in a small group format who motivates and coaches. Our vision is to build 250 million unique learning journeys for 250 million unique Indian students, and we are constantly striving to get there,” he added.
Within a year, Lido has built a rapidly growing customer base across all major cities while offering Maths and Science tutorials for Classes 5-9 in ICSE and CBSE syllabus. With the new funding, Lido plans to build a presence in Tier II and Tier III towns to democratize high-quality education across India; and expand into more curriculum-focused subjects, as well as 21st-century skills like analytical thinking, critical reasoning, communication, collaboration, and creativity.
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.
“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,” Chen further stated.