Home / Companies / Start Ups / After lay-offs, edtech startup Lido Learning files for insolvency

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

Premium

(L-R) Lido investor Ronnie Screwvala and Lido founder CEO Sahil Sheth

3 min read Last Updated : Sep 08 2022 | 6:04 PM IST

Seven months after firing 1,200 employees, edtech startup Lido Learning has filed for insolvency with the Mumbai bench of National Company Law Tribunal, according to the company's regulatory filings with the Ministry of Corporate Affairs (MCA).

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of Insolvency and Bankruptcy (IBC) code 2016, a Livemint report stated.

Lido Learning had raised about $27.3 million from marquee institutional investors such as Alibaba-backed BACE Ventures, Picus Capital, and 9 Unicorns along with leading entrepreneurs like Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal and Ananth Narayanan.

Topics : IBC EdTech Startups Insolvency and Bankruptcy Code start- ups insolvent companies Bankruptcy Ministry of Corporate Affairs National Company Law Tribunal Unacademy

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in