Indian edtech startup Lido Learning has laid off between 150 and 200 employees, representing a significant portion of its workforce, following severe financial difficulties. The Mumbai-based company, which had raised $10 million just five months prior in September 2021, informed staff in early February that it could not pay salaries for January and the first week of February, attributing the crisis to a failed funding deal. Employees were reportedly dismissed without notice. The startup, operating in the competitive K-12 after-school tutoring sector, is now seeking a new funding round or potential acquisition while struggling to meet its payroll commitments to both full-time staff and contract teachers.
