Aditya Hadi Pratama · · 1 min readBAce Capital-backed India-based edtech firm files for bankruptcy
Lido Learning, an India-based edtech startup, has filed for an application under section 10 of insolvency and bankruptcy, reported Entrackr, citing regulatory filings.
The filing said that the firm is unable to pay its debts and there are defaults made by the company. Tech in Asia reached out to the founder, but has not received any response so far.
Founded in 2019, Lido Learning provides online tutorial services for K-12 students. Earlier this year, it had reportedly stopped operations due to funding issues and has been unable to pay wages for months.
The company raised US$10 million from Ronnie Screwvala’s Unilazer Ventures in September last year, and US$7.5 million in a series B round led by Ant Financial-backed BAce Capital in 2020.
See also: The key players in Southeast Asia’s growing edtech scene
Editing by Samreen Ahmad
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