Lido Learning passed a special resolution to approve the allotment of 1,41,493 Series Seed 2 preference shares at an issue price of Rs 2,880 per share to raise Rs 40.75 crore, regulatory filings sourced from business intelligence platform Tofler showed.
News portal Entrackr was the
first to report the development on Thursday.
Screwvala is the chairperson and cofounder of higher education platform upGrad.
Lido Learning and upGrad did not respond to ET’s queries as of press time Thursday.
In November 2019, Lido Learning raised $3 million in its Series A funding round, from Screwvala and Ananth Narayanan, founder of Mensa Brands, among other high net-worth individual investors.
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Byju’s, the edtech startup that’s also a fundraising and acquisition machine, plans to raise another $400-600 million before filing for an IPO in early 2022. Swiggy’s Vivek Sunder has joined Cuemath as its new CEO.
Screwvala is the second-largest stakeholder in Lido Learning after founder Sahil Seth, as of October 2020, according to Entrackr’s report.
Lido Learning provides live online tuition classes to children from kindergarten to Class 9. It offers classes in math, science, English and coding.
Earlier this month, it launched a coding programme in the United States and Canada, opening its expertise of coding tutors to overseas markets.
It plans to expand to the UK, Southeast Asia, Australia and New Zealand.
In April last year,
Lido Learning secured $4.5 million in its Series B funding round. The round was led by Ant Financial-backed BAce Capital.
said it had acquired KnowledgeHut, a startup that provides short duration upskilling and reskilling courses to professionals.
upGrad has earmarked $250 million for mergers and acquisitions. The ed-tech firm is set to hire 1,000 people in three months as part of its expansion plans, it said in June. Earlier this year, upGrad told ET that it will go for an IPO in due course.