Inc42: Edtech Startup Lido Lays Off Over 150 Employees, Just 5 Months After Raising $10 Mn

Who will take the blame for it?," a Lido employee on condition of anonymity questioned. At a time when the Indian edtech sector is flushed with funds, Mumbai-based edtech startup, Lido Learning, is facing financial constraints to continue its day-to-day operations. According to a few Lido employees, the company has already asked team members to look out for job opportunities. One of the employees further claimed that Lido was allegedly deducting PF (Provident Fund) amounts from employees' salaries but hasn't been depositing the same into the employees' PF accounts. Further, Ronnie Screwvala held 32.31% share, followed by BAce Capital which held 19.97% in Lido Learning.