Reliance to invest in troubled edtech startup Lido Learning
The Mumbai-based company had shut down operations after laying off hundreds of employees in February.
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Editor's note: Lido Learning may have finally found a saviour. The education technology company is in advanced stages of talks with Reliance Industries for raising a fresh round of funds for a significant stake, according to two people in the know. The deal could be closed as early as this week. The size of the deal, terms and conditions and other details are not yet known. “Definitive documents haven’t been signed yet, but the two companies are in advanced stages of talks,” says one of the two people, both of whom asked not to be named. “In fact, there is a possibility of even an acquisition.” Talks about Reliance’s interest in the company have been going on for some months now. It was even brought up in a town hall meeting by some employees but went unacknowledged by the founders. “We’re in the final stages of closing a round,” says CEO Sahil Sheth, who refused to say which investors he is in talks with or anything else about the funding. The capital infusion could be a new lease of life for the …
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