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

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

BS Web Team
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.

First Published: Sep 08 2022 | 6:04 PM IST

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