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Tuesday, November 29, 2022

Reliance Industries to invest in edtech startup that fired 1,200 employees

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Reliance Industries is making an investing in Lido Learning. It’s the same edtech startup that fired 1,200 employees and closed operations just months after it secured $10 million from Ronnie Screwvala and other investors.

Edtech firm Lido Learning is receiving a new lease of life, with Reliance Industries considering an investment. While the deal’s magnitude is unknown, it has been rumored that it might close this week.

“No definitive contracts have been signed yet,” a source said. Context. “There is even the chance of an acquisition.”

Sahil Sheth, Founder and CEO of Lido Learning, but declining to name the investor(s), stated, “We’re nearing the end of a round.”

In September 2021, Lido Learning secured $10 million headed by Ronnie Screwvala’s Unilazer Ventures. Sheth requested over 1,200 employees to leave immediately in January of this year, in one of the greatest mass layoffs seen in the Indian startup scene, in a sudden video townhall. According to reports last week, many of these individuals have yet to be paid for the last month of their employment and are having difficulty finding new positions.

The company’s 1,200 employees were unceremoniously sacked in January and have yet to be paid.

Sheth has been hunting for fresh investors or a purchase deal since the townhall. He said that he is attempting to liquidate corporate assets in order to pay off staff wages.

Lido, founded in 2019 by former BYJU’s employee Sahil Sheth, has raised $23 million in funding.

In recent months, Reliance Industries has been on a fundraising and acquisition binge, investing in companies such as MilkBasket, Urban Ladder, Haptik, and others.

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