According to regulatory records cited by Entrackr, Lido Learning, an Indian edtech business, has submitted an application under section 10 of the insolvency and bankruptcy code.
According to the statement, the corporation has defaulted on its obligations and is unable to pay its bills.
Lido Learning was established in 2019 and offers K–12 pupils online tutoring services. It apparently ceased operations earlier this year owing to financial difficulties and hasn’t been able to pay employees’ salaries for months.
In September of last year, Ronnie Screwvala’s Unilazer Ventures invested $10 million in the business. In September of this year, a series B investment headed by BAce Capital, which is backed by Ant Financial, invested $7.5 million.
