<ul><li><keyword id="8430727" type="General" weightage="20" keywordseo="lido-learning" source="Orion">Lido Learning</keyword> plans to use the funds to expand further in domestic and international markets.</li><li>The company offers small-group online tutoring classes in math, science, coding and English.</li><li>Lido Learning has raised $20 million to date and it counts Paytm’s Vijay Shekhar Sharma, CultFit’s Mukesh Bansal, Shaadi.com’s Anupam Mittal as investors.</li></ul>Mumbai-based edtech startup Lido Learning has raised $10 million in a round led by Indian entrepreneur <keyword id="25725" type="General" weightage="20" keywordseo="ronnie-screwvala" source="Orion">Ronnie Screwvala</keyword>’s <keyword id="1126175" type="General" weightage="20" keywordseo="unilazer-ventures" source="Orion">Unilazer Ventures</keyword>. The company plans to use this latest round of funding to fuel its aggressive expansion plans in both domestic and international markets. It will soon launch its free user app to give students access to free video content for life. Screwvala is the founder of television broadcasting service United Television (UTV), production company RSVP Movies and edtech startup UpGrad. Sahil Sheth, founder and chief executive (CEO) of Lido Learning, in a press note added, “We’re going to use this new round of capital to ensure that our classes are accessible to students from every corner of India as well as the world. We’re going to double down on our efforts to connect students with...teaching talent.” Founded in 2019, Lido Learning offers small-group online tutoring classes in math, science, coding and English. The company focuses on the K12 segment, for students in kindergarten to 12th grade. The company accelerated its international expansion plans earlier this year, by launching its <keyword id="1636188" type="General" weightage="20" keywordseo="Coding-classes" source="Orion">coding classes</keyword> in the US and Canada. It now plans to launch its operations in the UK, Australia, New Zealand and South East Asia in early 2022. The company already has marked its presence in the Middle Eastern geographies. Lido Learning has raised $20 million to date from marquee institutional investors like Alibaba-backed BAce Ventures, Picus Capital, and 9 Unicorns. It also counts Paytm’s Vijay Shekhar Sharma, CultFit’s Mukesh Bansal, Shaadi.com’s Anupam Mittal, MedLife’s Ananth Narayanan as investors. “Lido is the first mover in the small-group, online tuition space. The company has differentiated itself from the start from all other players that primarily offer self-directed learning or large-group classes,” Ronnie Screwvala, founder of Unilazer Ventures, said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/only-3-in-100-indians-have-a-credit-card-this-former-payu-india-cofounder-is-hoping-to-change-that/articleshow/86089396.cms">Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that</a> <a href="https://www.businessinsider.in/personal-finance/income-tax/news/income-tax-returns-filing-deadline-extended-again/articleshow/86070034.cms">Income tax filing deadline for FY21 extended to December 31</a> <a href="https://www.businessinsider.in/tech/mobile/jiophone-next-smartphone-launch-delayed-until-diwali-due-to-chip-shortage/articleshow/86087153.cms">JioPhone Next launch delayed until Diwali due to chip shortage</a>

Ronnie Screwvala’s investment firm leads $10 million round in Lido Learning

In a nightmare for more than 150 employees, homegrown edtech startup <keyword id="8430727" type="General" weightage="20" keywordseo="lido-learning" source="Orion">Lido Learning</keyword> which is backed by top entrepreneur <keyword id="25725" type="General" weightage="20" keywordseo="ronnie-screwvala" source="Orion">Ronnie Screwvala</keyword>, has apparently shut operations, forcing its workforce to seek help via social media platforms. Several vendors and employees of Lido Learning took to social media and professional networking platforms, complaining about delayed payments and no salaries for nearly two months. "My 1st worst experience in the edtech industry. The company closed its business suddenly in the morning, 2 days before salary day without giving any notice to anyone. It is no other than LIDO," Rishabh Kumar, assistant marketing manager at Lido Learning, posted on LinkedIn. "Everything was going well and suddenly on February 4, 2022, an official town hall was announced in the morning. The founder announced that the organisation is having no funds to run its business and they are shutting it down," Kumar posted. According to employees, Lido Learning's Founder Sahil Sheth addressed the town hall meeting, informing them that the startup is going through financial constraints. Another former Lido employee who quit in November posted on LinkedIn that he was still unpaid despite several attempts. An industry source told IANS that Lido Learning has shut operations and has sent email notices to its employees. The startup was yet to make an official announcement on shutting its operations. "What happens to the 40k to 80k paid by parents to #LidoLearning - whatever little they collected, should be returned back as they shut shop right or all of that money goes down the drain for parents? Am sure then they will drag Lido to court and rightly so!" Akshay Shah - Founder CEO, iWeb, posted on Twitter. In September last year, Lido Learning announced it had raised $10 million, led by Ronnie Screwvala's Unilazer Ventures. Lido Learning had said it will use the money to fuel its expansion plans in India as well as expand its global footprint. The startup has raised nearly $24 million to date. In a LinkedIn post, Nitish Banka, who is a Supreme Court lawyer, sought fair treatment for teachers/students and employees at Lido Learning. "I have been informed that the employees and teachers who have put in hard-earned efforts into running this startup LIDO Learning are not getting paid due to the startup facing funding issues," he posted. "I want the startup to treat all their employees, students and teachers or face legal action," he added. The startup told teachers in an email that it "was facing financial difficulties" and is committed to "pay your dues, as mentioned in your service agreement, in the next 90 days". Founded in 2019, Lido Learning provides small-group online tutoring to kindergarten to grade 12 students. It offers classes in maths, science, coding and English. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/equity-markets-across-the-world-witness-bloodbath-amid-worsening-russia-ukraine-conflict/articleshow/89740850.cms" style="">Equity markets across the world witness bloodbath amid worsening Russia-Ukraine conflict</a> <a href="https://www.businessinsider.in/tech/news/indian-government-orders-blocking-of-apps-website-social-media-accounts-linked-to-sikhs-for-justice/articleshow/89744457.cms" data-type="tilCustomLink" style="">Indian government orders blocking of apps, website, social media accounts linked to Sikhs For Justice</a> <a href="https://www.businessinsider.in/entertainment/news/fans-mourn-the-end-of-arthur-after-25-years-of-life-lessons-and-a-bunch-of-iconic-memes/articleshow/89737181.cms" style="">Fans mourn the end of 'Arthur' after 25 years of life lessons and a bunch of iconic memes</a>

Ronnie Screwvala-backed edtech startup Lido Learning shuts shop, employees cry on social media

<ul><li>Indian startups have already laid off over 6,000 employees in the last five months.</li><li>The layoff season is likely to continue in the coming months as investors get cautious.</li><li>So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year.</li></ul>Indian startups have already laid off around 6,000 employees in the last five months. But this startup firing season will continue, according to several experts that Business Insider spoke to. Archit Garg, co-founder at Glamyo Health, pegs <keyword id="4234518" type="General" weightage="20" keywordseo="startup-layoffs" source="Orion">startup layoffs</keyword> at 10 times the current number at — 60,000. “Unfortunately there is more pain in the ecosystem and funding environment could take 6- 9 months to reverse, so chances are that the actual number will be 10 times of this as I expect there will be more negative news which we will hear about in the near future,” said Garg. Edtech employees could be the biggest victims as students are going back to schools. “With the significant crisis brewing in the Indian edtech sector, a lack of clarity in structure and processes comes as a blockage,” Naveen Jangir, co-founder of HRTech company Incluzon, said. So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year, according to media reports as well as company’s announcements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Layoffs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">925 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedantu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">624 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mfine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trell </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido Learning </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Furlenco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OkCredit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,739 </td></tr></tbody><tbody></tbody></table>Source: Company Announcements, Media Reports Read more: <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022</a> <cmsannotation type="cmsannotation" annotationid="Hired too, and now there will be much firing" comment="subhead" text="Hired too, and now there will be much firing">Hired too, and now there will be much firing</cmsannotation> Yogita Tulsiani, the managing director and cofounder at global tech-recruiter provider iXceed Solutions, noted that both low-funded and highly-funded startups would be impacted by this. Most companies hired aggressively during the start of the pandemic and are unable to handle it now. Each company has a long term plan and unprecedented scenarios such as the events happening now can impact their hiring and team sizes, said Sarbojit Mallick, co-founder of advanced hiring platform Instahyre. He noted that the plan would also include consolidation of internal departments, streamlining of operations and tightening of the gaps. Sujata Pawar, co-founder and CEO of menstrual care startup Avni, noted that startups that fail to manage their runway and carefully grow the business will be subjected to such layoffs. “As long as organisations are successful in adapting to the changing market dynamics, retaining talent won't be much of a hassle. In this new world, with the workforce ready to jump into multiple opportunities, consulting, contractual projects and more, these obstacles will not concern either employers or employees." Piyush Raj Akhouri, co-founder and business head at recruitment firm Bridgentech Consulting, said. <cmsannotation type="cmsannotation" annotationid="Startups will keep hiring too" comment="subhead" text="Startups will keep hiring too">Startups will keep hiring too</cmsannotation> Piyush Bhartiya, co-founder and CEO of AdmitKard — which helps with end-to-end career advisory startup for students studying abroad — highlighted that for every company that is laying off employees there are another 100 who are hiring. “Like I said, some companies are laying off, others like ours are hiring. I do not see that will impact the employment ratios too dramatically,” he added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/vodafone-coal-india-bpcl-among-stocks-to-watch-out-for-on-may-26/slidelist/91801171.cms">Vodafone, Coal India, BPCL among stocks to watch out for on May 26 </a><a href="https://www.businessinsider.in/business/auto/news/vehicle-insurance-premiums-may-increase-from-april-2022/articleshow/90043466.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/retail/news/biscuits-ghee-and-hair-oil-to-get-cheaper-after-government-duty-cut-but-after-three-months/articleshow/91784809.cms">Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-to-grasim-to-aditya-birla-capital-here-are-six-stocks-that-brokerages-say-you-should-buy/articleshow/91788937.cms">Zomato to Grasim to Aditya Birla Capital — here are six stocks that brokerages say you should buy</a>

It would be a long firing season for startups —  experts say 60,000 could lose their jobs

<ul><li><keyword id="982553" type="General" weightage="20" keywordseo="indian-startups" source="Orion">Indian startups</keyword> raised only $1.6 billion in April 2022, which is almost half of the capital raised last year in the same period.</li><li>VerSe Innovation — the parent company of Dailyhunt and Josh — raised the biggest funding round last month.</li><li>Indian startups are currently facing pressure from investors to focus on profitability, We Founders Circle’s Gaurav VK Singhvi added.</li></ul>Things are not as bright for the Indian startup ecosystem as they were last year. The segment which thrived during the pandemic is now facing the brunt of the Russia-Ukraine war, leading to a slowdown in their capital raising ability. According to the latest report by IVCA-EY, Indian startups raised only $1.6 billion in April 2022. This is almost half of the capital raised by the same ecosystem in April 2021. To make matters worse, no company entered the <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> club last month whereas April 2021 had flagged off the momentum of unicorn creation last year with eight new additions. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of Unicorns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unicorns Created </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho, PharmEasy, CRED, Groww, ShareChat, Gupshup, Chargebee, Urban Company, </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Media reports <cmsannotation type="cmsannotation" annotationid="Slowdown in unicorn creation" comment="subhead" text="Slowdown in unicorn creation">Slowdown in unicorn creation</cmsannotation> According to several experts Business Insider spoke to, the <a href="https://www.businessinsider.in/business/startups/news/he-slowdown-in-unicorn-creation-may-be-there-for-the-next-two-months-too/articleshow/91116175.cms">slowdown in unicorn creation </a>is likely to continue all through the second quarter till June 2022 but this is not something to worry about. Gaurav VK Singhvi, cofounder of investment firm We Founder Circle, further explained that the startup market has been witnessing an upward trend for the last 18 months and “now for a few months it looks a little slow”. He also specified that the trend would be quite positive in the long term and more unicorns may be created this year. But there is more to it than just the number of unicorns. <cmsannotation type="cmsannotation" annotationid="Even higher valuation may be an issue" comment="subhead" text="Even higher valuation may be an issue">Even higher valuation may be an issue</cmsannotation> The decline in funding in April 2022 is majorly because of the decline in large funding rounds. VerSe Innovation — the parent company of Dailyhunt and Josh — raised the biggest funding round last month when it bagged $805 million at a<a href="https://www.businessinsider.in/business/startups/news/josh-dailyhunt-parent-company-verse-raises-805-million-takes-valuation-to-5-billion/articleshow/90675633.cms"> valuation of $5 billion</a>. This represented nearly half of the capital raised by Indian startups in April. While Dailyhunt has been able to increase its valuation amid this funding slump, not all have been able to do so. According to Media reports, ecommerce company Meesho has been trying to close another funding round at a valuation of around <a href="https://timesofindia.indiatimes.com/business/india-business/meesho-to-raise-1bn-at-valuation-of-8bn/articleshow/87859070.cms">$8 billion</a> but no investor is willing to accord it to the company at the moment. Instead, the investors are unwilling to accord any higher valuation to Meesho — which was valued at $4.9 billion last year — due to its monthly cash burn rate of $46 million. Singhvi of We Founder Circle explained that several startups have ignored their bottom line for a long time and the investors are now putting pressure on these companies to focus on their finances and numbers. “Revenue is all good but now they are looking at profitability and long term sustenance,” he added. <cmsannotation type="cmsannotation" annotationid="Layoffs come off as a rescue plan for several startups" comment="subhead" text="Layoffs come off as a rescue plan for several startups">Layoffs come off as a rescue plan for several startups</cmsannotation> Several companies have already started preparing for the worse. According to Business Insider’s calculations, Indian startups laid off<a href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-over-5700-employees-in-the-last-four-months/slidelist/90980198.cms"> 6,900 employees</a> in the first four months of 2022. In May alone, unicorns like Vedantu and <a href="https://www.businessinsider.in/india/news/cars24-is-the-latest-unicorn-to-lay-off-600-employees-after-unacademy-and-vedantu/articleshow/91660002.cms">Cars24 fired over</a> 1,200 employees. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Layoff </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Better.com </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">925 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedantu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">624 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trell </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido Learning </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Furlenco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OkCredit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,139 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Media Reports, Company Announcements Vamsi Krishna, chief executive officer and co-founder of Vedantu, in a<a href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral"> blog post noted </a>that they had to take this harsh decision since capital may be scarce in the upcoming quarters due to “war in Europe, impending recession fears, and Fed rate interest hikes”. Yogita Tulsiani of iXceed Solutions and Sarbojit Mallick of Instahyre emphasised that there are more layoffs to come in the near future. Tulsiani, the managing director and cofounder at global tech-recruiter provider iXceed Solutions, noted that both low-funded and highly-funded startups would be impacted by this drive as most companies carried out aggressive hiring drives during the start of the pandemic and are not able to handle their workforce now. Each company has a long term plan and unprecedented scenarios such as the events happening now can impact their hiring and team sizes, Sarbojit Mallick, cofounder of advanced hiring platform Instahyre, added. He noted that the plan would also include consolidation of internal departments, streamlining of operations and tightening of the gaps. “The fear [for the workforce] is further mounted by rationalisation in funding which will weed out quality companies and hence lead to winding up of some startups,” Neha Khanna, director at management consultancy firm ValPro, concluded. SEE ALSO <a href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a> <a href="https://www.businessinsider.in/tech/news/the-state-of-uttar-pradesh-and-how-its-been-feeding-facebook-ad-revenues/articleshow/91660700.cms">The state of Uttar Pradesh and how it’s been feeding Facebook ad revenues</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/prudent-corporate-advisory-services-surprises-ipo-investors-with-nearly-5-listing-gains/articleshow/91678900.cms">Prudent Corporate Advisory Services surprises IPO investors with nearly 5% listing gains</a>

The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022

14 Indian edtech startups raised funds amid the COVID-19 pandemic⁠

Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

<ul class="summary-list"><li>Crypto lender Genesis filed for Chapter 11 bankruptcy this week. </li><li>The firm ran into trouble earlier this year when Three Arrows Capital couldn't pay back all of a $2.3 billion loan. </li></ul>Genesis filed for Chapter 11 bankruptcy this week, the lasest casualty of the widespread fallout from the collapse of FTX.But a number of issues were working against the crypto lender long before the FTX blowup, including executive departures, big lending exposure to beleaguered firms, and internal confusion which left many employees in the dark. Genesis held <a href="https://www.coindesk.com/business/2023/01/20/genesis-claims-51b-in-liabilities-in-first-day-bankruptcy-filing/" target="_blank" rel="noopener">$5.1 billion</a> in liabilities after it's lending unit had to suspend customer withdrawals last November, according to bankruptcy court documents. Genesis' liquidity crisis could be traced back to a $1.2 billion hit from exposure to now-defunct crypto hedge fund Three Arrows Capital. The fund, run by former Credit Suisse traders Kyle Davies and Su Zhu, <a href="https://www.businessinsider.com/why-crypto-celsius-three-arrows-voyager-filed-bankruptcy-2022-7">filed for Chapter 15 bankruptcy in June</a> after a series of highly-leveraged bets on fallen algorithmic stablecoin TerraUSD and affiliated token Luna. The insolvent firm was also <a href="https://www.coindesk.com/layer2/2022/07/12/behind-voyagers-fall-crypto-broker-acted-like-a-bank-went-bankrupt/?outputType=amp" target="_blank" rel="noopener">reportedl</a>y underwater on its positions in Grayscale Bitcoin Trust and Lido staked ether.Zhu did not immediately respond to Insider's request for comment, and Davies could not be reached.Genesis had $2.4 billion in outstanding loans to the firm when Three Arrows went under, the filing reads. Genesis was only able to recover half of that. (Genesis Asia Pacific unit managed the lending relationship between Three Arrows and Genesis.)"While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders," Derar Islim, the Interim CEO of Genesis, said in a <a href="https://www.businesswire.com/news/home/20230119005955/en?utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-8oI6AMnHrs87svcIjxZlcWI6W02LNS4ey-tJj5-gCJoCy-6TEVFv6p3YagJ7pD5ms_140V" target="_blank" rel="noopener">statement</a> on Thursday.As the Three Arrows fiasco unfolded last summer, Genesis insiders say there was a shift at the firm. One former employee says communication about Genesis' financial health became unclear, citing less frequent townhalls and company updates.This is around when the "red flags" began to appear, the employee told Insider, speaking on the condition of anonymity. "There weren't a lot of updates, honestly," the person said. "People we're trying to ask questions when we did have an impromptu townhall...They wouldn't answer it or would give a good legal answer and not really a pure answer."Digital Currency Group, the parent company of Genesis, said that it assumed much of the Three Arrows exposure last year. DCG said it swapped a 10-year promissory note for its $1.2 billion in claims against Davies and Zhu's firm. At least six top executives and high level managers exited the company from August to October of 2022. Michael Moro, the previous CEO of Genesis, stepped down after more than six years at the firm in August. The former exec said that he was "going to take some time off here and spend it with my family, and we'll see what I might want to get into next," according to his <a href="https://affiliate.insider.com?postID=63cad7305178b0020319b7c5&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fmichaelmoro_hi-everyone-as-some-of-you-are-aware-i-activity-6968300973026877440-DwRt%3Futm_source%3Dshare%26utm_medium%3Dmember_desktop" target="_blank" rel="noopener">LinkedIn post.</a>Genesis's Chief Risk Officer Michael Patchen left only fourth months after joining the firm. He was in the C-suite from July to October of 2022, according to his <a href="https://affiliate.insider.com?postID=63cad7305178b0020319b7c5&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fmichael-patchen-39713214%2F" target="_blank" rel="noopener">LinkedIn profile.</a>Patchen did not immediately respond to Insider's request for comment, but his profile reads: "Joined Genesis post 3AC; voluntarily departed after a short stay. This was prior to the events surrounding FTX."Kristopher Johnson, who was the Head of Risk at Genesis, left in February of 2022, per his <a href="https://affiliate.insider.com?postID=63cad7305178b0020319b7c5&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fkristopherljohnson%2F" target="_blank" rel="noopener">LinkedIn profile.</a> It is unclear whether or not this position has been filled since. Other company exits after Three Arrows explosion over the summer include head managing director of cash trading Reed Werbitt, co-head of trading Matthew Ballensweig, and managing director Michael Paleokrassas. Head of derivatives' Joshua Lim left Genesis after over two years to start his own firm, a source familiar with the matter told Insider. Genesis declined to comment in an Insider email with a series of questions relating to this story. A spokesperson referred Insider to Genesis' <a href="https://www.businesswire.com/news/home/20230119005955/en?utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-8oI6AMnHrs87svcIjxZlcWI6W02LNS4ey-tJj5-gCJoCy-6TEVFv6p3YagJ7pD5ms_140V" target="_blank" rel="noopener">bankruptcy press release</a> and a docket on the <a href="https://restructuring.ra.kroll.com/genesis/Home-DocketInfo" target="_blank" rel="noopener">Kroll Restructuring website.</a>

Genesis faced trouble long before the collapse of FTX and this week's bankruptcy filing, with a stream of exec departures and exposure to defunct Three Arrows

Edtech leader BYJU's is in for a big change with its Founder and CEO Byju Raveendran set to focus his energies on global operations, especially in the US, as the Indian online edtech market shrinks considerably with schools, colleges and tuition centres reopening. Sources close to the development told IANS that Raveendran is all set to hand over India operations to Chief Operating Officer Mrinal Mohit. BYJU's, which was last valued at nearly $22 billion making it India's most valued start-up, declined to comment on the development but according to reliable sources, an official confirmation about Raveendran taking a bigger global role would come soon as new designations for Raveendran and Mohit are currently being discussed. Raveendran is already out of India, meeting investors in the US and the UAE. BYJU'S in March announced a new partnership with QIA, the sovereign wealth fund of Qatar, to launch a new edtech business and state-of-the-art research centre in Doha. The new entity in Doha will drive research and innovation to create cutting-edge learning solutions customised for students in the MENA region. "We are excited to partner with QIA in this next phase of expansion, development and building new innovations in learning in the MENA region," Raveendran had said in a statement. BYJU'S has also been announced as an official sponsor of the 'FIFA World Cup Qatar 2022'. In March, the company raised $800 million in a pre-IPO round and in a rare gesture, Raveendran financed $400 million investment in the company through a debt he raised from multiple international banks, as the edtech giant planned for an IPO (which has now been delayed owing to global macro-economic factors and economic slowdown). The company is also reportedly in talks to raise another $1 billion as it expands globally. The latest development comes as edtech companies like BYJU's-run WhiteHat Jr, Unacademy, Vedantu, and Lido Learning, are at the forefront of laying off employees, in the name of "restructuring" as funding winter grips the Indian startup ecosystem. The situation is set to get worse with recession looming and funding drying up. Overall, edtech platforms in India have laid off more than 3,000 employees and over 7,000 workers have lost jobs in the overall startup industry to date. SEE ALSO <a href="http://www.businessinsider.in/finance/banks/news/citi-kotak-icici-and-other-investment-banks-earned-2600-crore-through-ipos-last-year/articleshow/91887303.cms" data-type="tilCustomLink" style="">Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/nykaa-to-face-competitive-heat-but-its-omni-channel-experience-maybe-the-game-changer/articleshow/91883946.cms" style="">Nykaa to face competitive heat but its omni-channel experience maybe the game changer</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indian-government-looking-for-ways-to-tax-nfts-as-per-a-new-report/articleshow/91882530.cms" style="">After cryptos, the taxman could come for your NFTs says a new report</a>

World's highest valued edtech startup Byju's to divert focus on global businesses as Indian market is shrinking

<ul><li><keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>, who is a well-known name in Bollywood, and an entrepreneur who created a media conglomerate, has also set up a strong base in the Indian startup ecosystem.</li><li>He set up the edtech firm upGrad in 2015.</li><li>But even before that, Screwvala has been an active investor in Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> through his firm <keyword id="1126175" type="ORGANIZATION" weightage="20" keywordseo="Unilazer-Ventures">Unilazer ventures</keyword>.</li></ul>It seems like there’s no stopping Ronnie Screwvala, the media mogul and entrepreneur. Screwvala, who set up the media and entertainment company UTV Motion Pictures and sold to Disney for a whopping ₹2000 crore, went on to found another production house RSVP Movies in 2014. In recent years, RSVP has produced movies like The Sky is Pink, Kedarnath, Ghost Stories and more. But Screwvala’s popularity is not just limited to Bollywood; he has also set up a strong base in the Indian startup ecosystem. Along with being the co-founder of the edtech firm upGrad, he has also long been an investor in the startup ecosystem, having set up an investment firm – Unilazer Ventures. Here’s a look at how Ronnie Screwvala has solidified his startup presence Screwvala set up Unilazer ventures in 2012, after selling his stake in UTV. Since then, the investment firm has gone on to bet on over 30 Indian startups. Unilazer Ventures focuses on early-stage startups across sectors. Some of Screwvala’s investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenskart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Easypolicy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niki.ai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DailyObjects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arré </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Environment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Career Guide </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EkStop </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OyeLife </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premier India Football Academy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZipDial </td></tr></tbody></table> The latest to join the list of investments from Screwvala is the celebrity fan engagement portal TrueFan. The six-month-old startup founded by Nimish Goel, Nevaid Aggarwal, and Devender Bindal has raised $4.3 million in seed funding by investors like Ronnie Screwvala, Mayfield India, and Saama Capital. “When Nimish approached me on TrueFan, three things struck me: firstly, any product driven by technology is going to soar in the 2020 decade. Secondly, this is the perfect blend of gamification meets media meets content. Thirdly, the simplicity of the idea allows the product to seep through the wide, Indian user-base. For me, it is ideas like these that will really stay the course,” said Screwvala in a statement. Unilazer Exits Unilazer has marked three exits already, with its invested startups being acquired. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup, sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquired by </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shopclues, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qoo10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Micro Housing Finance Corporation, fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Svatantra </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zivame, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance </td></tr></tbody></table> Building upGrad The five-year-old startup upGrad has made a mark in the edtech sector. The higher education platform claims to have impacted over half a million people globally and has collaborated with universities like IIT Madras, IIIT Bangalore, MICA, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University, and others. With the coronavirus lockdown boosting online learning, the startup now expects a ₹1,200 crore annual run rate with profitability. The startup also expects a 100% increase in repeat enrollments in the portal. “Last quarter around 15% of the revenue booked, has been solely driven by repeat purchase and evangelism by our existing alumni. As we scale our program portfolio and continue our alumni engagement initiatives like advanced certification program, exclusive leadership webinars, personalised career mentorship, regular community newsletters, subject-specific newsletters, we expect around 4000 enrolments to come solely through our alumni in the form of repeat purchase and referral this year,” Screwvala said about their growth plan, recently. upGrad’s latest funding was a ₹50 crore debt fund from IIFL Asset Management. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-worlds-richest-in-100-billion-club-jeff-bezos-bill-gates-bernard-arnault-mark-zuckerberg/slidelist/77781044.cms">Meet the world’s richest in $100 billion club - Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg</a> <a href="https://www.businessinsider.in/business/auto/news/audi-rs-q8-suv-pictures-price-features-specification-and-other-details/slidelist/77778282.cms">Inside pics of the new Audi RS Q8 — The most powerful SUV coupe in Audi’s fleet</a>

Ronnie Screwvala’s investments range from edtech to e-commerce and media

Street artist Banksy surprised the world by announcing the opening of a new "bemusement park" called Dismaland.The new venue&#xa0;is a clearly satirical take&#xa0;on&#xa0;Disney's theme parks, both in its name and its layout. Dismaland takes place in an old seafront lido in Weston-super-Mare in the south west of England. It features new work from Banksy, as well as big names like Damien Hirst.&#xa0;The exhibition&#xa0;opens today at 11 a.m., but only for locals who have redeemed a voucher handed out with the local paper. The general public can get in from tomorrow.Judging from Twitter there are big queues this morning even with the entry stipulation, around 2 hours before doors even open.The top tweet shows the queue beginning to form at 7.30 a.m., while the bottom two show how big it got by 9am.<div><blockquote class="twitter-tweet" lang="en">Queue starting to build up now <a href="https://twitter.com/hashtag/Dismaland?src=hash">#Dismaland</a> <a href="http://t.co/H6nJbAT4zY">pic.twitter.com/H6nJbAT4zY</a>- Michaela (@SugaredPill) <a href="https://twitter.com/mims/statuses/634613312873963520">August 21, 2015</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div><blockquote class="twitter-tweet" lang="en">Doesn't even open till 11am and the queues are ridiculous <a href="https://twitter.com/hashtag/Dismaland?src=hash">#Dismaland</a> <a href="http://t.co/FjMElMe1S0">pic.twitter.com/FjMElMe1S0</a>- Leona (@LeonaWalsh91) <a href="https://twitter.com/mims/statuses/634637398761205760">August 21, 2015</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>&#xa0;<div><blockquote class="twitter-tweet" lang="en">About 2km queue for <a href="https://twitter.com/hashtag/Dismaland?src=hash">#Dismaland</a> for locals day <a href="http://t.co/xI3rZuQuIT">pic.twitter.com/xI3rZuQuIT</a>- LucyBeauvallet (@LucyBeauvallet) <a href="https://twitter.com/mims/statuses/634636643614498816">August 21, 2015</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><a href="http://uk.businessinsider.com/pictures-of-banksy-dismaland-theme-park">&#xa0;Check out what it's like inside Dismaland</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/incredible-things-steve-cohen-buys-2015-7">Here are some incredible toys hedge fund boss Steve Cohen has bought with his billions</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hxaWhmdjqQ1wSzMOYSNGSRh8z8wLe12M" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'hxaWhmdjqQ1wSzMOYSNGSRh8z8wLe12M',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

You Searched For "lido funding" and got 10 results

Ronnie Screwvala’s investment firm leads $10 million round in Lido Learning

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The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022

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Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

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Genesis faced trouble long before the collapse of FTX and this week's bankruptcy filing, with a stream of exec departures and exposure to defunct Three Arrows

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World's highest valued edtech startup Byju's to divert focus on global businesses as Indian market is shrinking

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Ronnie Screwvala’s investments range from edtech to e-commerce and media

BI India Bureau

There's a huge queue for Banksy's new 'bemusement' park Dismaland - 2 hours before it even opens

Oscar Williams-Grut