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