Edtech startup Lido lays off over 150 employees due to financial difficulties

Edtech startup, Lido Learning, is undergoing financial difficulties in running its day-to-day operations.

According to several employees, Lido Learning's founder, Sahil Sheth, informed the team earlier this month during a virtual town hall that the startup is experiencing financial difficulties and will be unable to pay employees' salaries for the month of January and the first week of February. In addition, the company has laid off between 150 and 200 employees. The company is in talks about a new round of funding or a possible acquisition. To date, the startup has raised nearly $24 million in funding, $10 million of which was raised in September of last year.

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