<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

<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

<img class="gwt-Image" src="/photo/27835438.cms" /> If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

<img class="gwt-Image" src="/photo/56295448.cms" />The 21st <keyword id="631373" type="ORGANIZATION" weightage="20" keywordseo="Wharton-India-Economic-Forum">Wharton India Economic Forum</keyword> has announced the finalists of its Fourth Wharton <keyword id="4020304" type="UNKNOWN" weightage="20" keywordseo="india-startup-competition">India Startup Competition</keyword> (WISC). The competition is a hallmark of WIEF, giving startups from India the opportunity to present in front of an esteemed panel of judges in India. 
 Founded in 1996, the Wharton India Economic Forum is an annual conference hosted by the students of <keyword id="6442384" type="ORGANIZATION" weightage="20" keywordseo="Wharton-School">Wharton School</keyword> at the <keyword id="83492" type="ORGANIZATION" weightage="20" keywordseo="University-of-pennsylvania">University of Pennsylvania</keyword>. It is a global business forum focussed on understanding and engaging with India’s startup landscape. 
 
Last year, WISC had more than 750 startups apply to the competition. The total number of applications received this year were 534. 
 The panel of judges included Aditya Nair (Investor, Nyca Partners), Ajay Hattangdi (CEO India &amp; Group COO, Innoven Capital Group), Ankit Shah (VP, Unilazer Ventures), Sameer Verma (Director &amp; Junior Partner, Nexus Venture Partners), <keyword id="872474" type="UNKNOWN" weightage="20" keywordseo="Saurabh-Joshi">Saurabh Joshi</keyword> (Strategy Manager, Paypal), and <keyword id="1255844" type="UNKNOWN" weightage="20" keywordseo="Shantanu-Gangal">Shantanu Gangal</keyword> (Head-Analytics, Fundbox). 
 
Since 2015, the competition has increased its outreach by 50% to all leading schools, Wharton alumni, incubators, accelerators, and VC funds. The finals of the competition will be held in Mumbai on January 6, 2017. The winning team will receive a funding mentorship from a leading venture fund. 
 
Here are the teams which will lock horns for the final prize:

Meet the 11 startups which have made it to Wharton India Startup Competition Finals

<img class="gwt-Image" src="/photo/56198907.cms" />For startups to grow they must garner funds from investors; and to gather funds, startups need to have a robust product-market fit along with a promising team and a solid business plan with the potential to scale. Then comes the role of angel investors and <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">Venture Capital</keyword> (VC) <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> that usually surfaces when larger amounts are required to grow a business. 
 Lately, major <keyword id="982553" type="UNKNOWN" weightage="100" keywordseo="Indian-startups">Indian startups</keyword> have seen a tremendous boost from venture capitalists. To start with, we saw how Tiger Global Management, Softbank Corp., Morgan Stanley, Sequoia Capital, Accel Partners, IDG Ventures India and SAIF Partners managed to support promising Indian startups like that of Flipkart, Snapdeal, Ola, Zomato, ShopClues, Urban Ladder and many others. Moreover, it is not only the bigger firms who are eyeing VC funds, relatively younger and smaller firms like OYO Rooms, Swiggy and Grofers have also joined the race. 
 Apart from ruling the e-commerce and fashion industry, <keyword id="153868" type="UNKNOWN" weightage="100" keywordseo="VC-funding">VC funding</keyword> is now gradually moving into other sectors too, such as agriculture, healthcare and education. As per the data from the upcoming Wharton India Economic Forum (WIEF), which is all set to launch the Wharton India Startup Competition (WISC) with over 500 entries, though majority of applicants (around 25%) belong to the e-commerce industry, the healthcare segment is not far away with around 22% applicants. Moreover, most of the participating startups already have pre-seeded and seeded funding arrangements and around 31% of them have listed themselves as social enterprises. 
 
The ecosystem for VC funding for Indian startups would be discussed at length at the Wharton India Economic Forum (WIEF). WIEF is a two-day event starting from January 6, 2017, which will bring together the best entrepreneurs, investors, distinguished Wharton faculty, students and inspirational speakers. Attendees will not only have numerous opportunities for interaction and networking across the board but will also witness in-depth discussions in terms of understanding the evolving business landscape in India and the need for business model innovation from the government, various industry leaders, and distinguished Wharton faculty. 
 
The relevance of this summit doesn’t end there. It is also known for hosting the Wharton India Startup Competition (WISC) which is giving Indian startups the opportunity to present themselves in front of an esteemed panel of judges and also win cash prizes of over $25,000 and unparalleled mentorship of up to 4 months from some of the most renowned names in the industry on strategy and funding. The jury for WISC comprises top-notch personalities with the likes of Bharati Jacob (Co-founder of Seedfund), Nipun Mehra (Investor at Sequoia Capital India), Rehan Yar Khan (Managing Partner of Orios Venture Partners), Tarun Davda (Managing Director of Matrix Partners), Aditya Nair (Investor at Nyca Partners), Ajay Hattangdi (CEO India &amp; Group COO of InnoVen Capital Group), Ankit Shah (Vice President at Unilazer Ventures), Sameer Verma (Director &amp; Junior Partner of Nexus Venture Partners), Saurabh Joshi (Strategy Manager at PayPal) and Shantanu Gangal (Head – Analytics at Fundbox). Also, past finalists of this prestigious event includes names such as Ketto, Haptik, Zoomcar, Zostel, Targeting Mantra, Qlicket, Samaan and Ambitioni. 
 
Needless to say, such competitions and summits go a long way in not only promoting upcoming startups but also in educating the audience and the participants regarding the funding scenario. Not many seem to be aware about the types and rounds of funding, the know-how of VC funding and even the right way to go about securing such funds, hence this is surely going to be one the most-sought after events at the start of the next year. 
 
(Image Credits: Thinkstock) 
 
(About the Author: This article has been authored by Aman Jain, Chairperson WIEF 2017)

How VC Funding Fuels the Indian Startup Ecosystem

<ul><li><keyword id="2008319" type="General" weightage="20" keywordseo="upgrad" source="Orion">UpGrad</keyword> raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service.</li><li><keyword id="29201" type="General" weightage="20" keywordseo="lakshmi-mittal" source="Orion">Lakshmi Mittal</keyword> of ArcelorMittal SA and <keyword id="6442632" type="General" weightage="20" keywordseo="sunil-bharti-mittal" source="Orion">Sunil Bharti Mittal</keyword> of Bharti Airtel also participated in the round.</li><li>UpGrad offers higher education courses in collaboration with 300 universities such as Liverpool Business School.</li></ul><keyword id="25725" type="General" weightage="20" keywordseo="ronnie-screwvala" source="Orion">Ronnie Screwvala</keyword>’s higher education company UpGrad has reportedly doubled its valuation to $2.25 billion after a fresh round of fundraising. The seven-year-old edtech startup raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service and existing investor Temasek, according to an Economic Times <a href="https://economictimes.indiatimes.com/tech/funding/edtech-unicorn-upgrad-raises-225-million-in-funding-doubles-valuation/articleshow/92221560.cms">report</a> citing sources. The family offices of Indian billionaires like Lakshmi Mittal of ArcelorMittal SA and Sunil Bharti Mittal of Bharti Airtel also participated in the round. Business Insider India has reached out to UpGrad seeking more details about the fundraiser. Founded in 2015 by serial entrepreneur Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, UpGrad offers higher education courses in collaboration with 300 universities such as Liverpool Business School, Deakin University, Swiss School of Business and Management. The company claims to have a student base of over 2 million students across 100 countries. It also claims to have a client base of 1,000 companies, looking to offer upskilling courses for its employees. The company has raised $200 million fundraise to date, excluding this current round. It counts IIFL Finance, International Finance Corporation and Unilazer Ventures as investors. The company raised<a href="https://www.businessinsider.in/business/news/ronnie-screwvalas-upgrad-is-indias-newest-entry-into-the-unicorn-club-as-it-closes-a-185-million-funding-round/articleshow/85175717.cms"> $185 million in August 2021</a>at a valuation of $1.2 billion. SEE ALSO <a href="https://www.businessinsider.in/tech/news/airtel-launches-its-first-multiplex-but-in-the-metaverse/articleshow/92200692.cms" style=""></a><a href="https://www.businessinsider.in/business/news/domestic-travel-fuelled-by-revenge-tourism-aids-growth-in-hospitality-sector/articleshow/92223929.cms" style="">Domestic travel, fuelled by revenge tourism, aids growth in hospitality sector</a> <a href="https://www.businessinsider.in/business/news/adani-sells-a-fourth-of-its-green-hydrogen-business-to-frances-totalenergies/articleshow/92197541.cms" style=""></a><a href="https://www.businessinsider.in/business/corporates/news/top-10-valuable-brands-in-india-in-2022/articleshow/92219162.cms" style="">Tata Group is once again the biggest brand in India — check out others in top 10</a> <a href="https://www.businessinsider.in/stock-market/news/burger-king-dominos-kfc-to-see-high-growth-even-as-consumer-staples-suffer/articleshow/92196523.cms" style="">Burger King, Domino's &amp; KFC to see high growth even as consumer staples suffer</a>

Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal

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

<keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> on Monday said global investment firm <keyword id="6354544" type="COMPANY" weightage="20" keywordseo="kkr">KKR</keyword> will invest <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 95 million (about Rs 695.8 crore) in the omni-channel eyewear retailer via a secondary stake acquisition. As part of the transaction, existing <keyword id="6359051" type="UNKNOWN" weightage="20" keywordseo="investors">investors</keyword> - TPG Growth and TR Capital - will each divest a portion of their holding in Lenskart, a statement said. These entities had invested in Lenskart in late 2014. Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience, the statement said. According to reports, KKR's investment is part of a larger USD 300-million round. However, the companies did not comment on the report and if other investors have participated in the round. KKR said it is making its investment from its Asian private equity fund. Some of the recent technology-focused investments for KKR in Asia include Adopt A Cow (a digitalised, direct-to-consumer dairy company in China), NetStars (the operator of Japan's largest QR code payment gateway), and Walnut Programming (a children's programming education company in China). In 2019, Lenskart had announced raising over USD 275 million (nearly ₹1,956 crore) from Softbank Vision Fund. In the past, it has received funding from investors' like Ratan Tata, PremjiInvest, <keyword id="85860" type="COMPANY" weightage="20" keywordseo="IFC">IFC</keyword> (venture capital arm of the <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword>), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq. Established in 2010, Lenskart currently serves over 7 million customers annually through its omni-channel presence that spans online, mobile application, and 730 stores in 175 cities across the country. In 2019, Lenskart had also expanded to Singapore, marking its foray into Southeast Asia. Lenskart integrates technology into all aspects of its operations, to the browsing, shopping and purchasing experience, in addition to manufacturing and supply-chain optimisation. Among Lenskart's digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions, Lenskart CEO Peyush Bansal said. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone - first in India, and now worldwide, he added. "In the next five years, we aspire to have 50 per cent of India wearing our specs... We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally," he said. KKR Partner Gaurav Trehan said as a technology-driven business, Lenskart is a strong, homegrown disruptor in India's rapidly expanding eyewear industry. "We are truly excited to work with Peyush and Lenskart's impressive management team to support Lenskart's growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone," he added. Avendus Capital advised Lenskart on the transaction. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

Lenskart gets funding of $95 million from global investment firm KKR

New Delhi, Dec 1 () Zivame will set up 60 offline stores in metros and tier I cities over the next 12-18 months, as the online intimate wear retailer looks to further strengthen its omnichannel play in the growing segment.
Actoserba (which runs Zivame), which has narrowed its losses from over Rs 32 crore in FY18 to Rs 19.56 crore in FY19, is also looking at achieving break-even in the next 12 months.
"Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets. With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years," Zivame CEO Amisha Jain told .
She added that the company is poised to hit over 75 per cent growth for the next few years.
"We have more than 40 retail stores in tier I markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets," she said.
The company's revenue from operations grew to Rs 137.9 crore in FY19 from Rs 86.6 crore in the previous year. Its marketing expenses decreased by 18 per cent in FY19 vis-a-vis FY18, while the total expenses increased by 1 per cent.
"Currently, Zivame brand has hit Rs 340 crore annual runrate for FY20. While our offline business is growing at a very strong pace, our online business also continues to do extremely well. The app contribution for Zivame brand gross sales has increased from 50 per cent in FY18 to 65 per cent in FY19... we should be able to break-even in the next 12 months," Jain said.
The online channel accounts for about 80 per cent of Zivame's business, while the remaining comes from offline retail.
Jain said the company is focussing on four areas to drive growth -- continuous product innovation, great consumer experience, omni-channel presence and its new brand identity.
"This year, we unveiled a new brand identity with the tagline 'Love Yourself Inside Out'. This aligns with our vision of creating an exciting, modern and inclusive environment for women to discover and shop for their intimate wear needs. Be it through products or content, we want to create dialogue and engagement around the category," she said.
Talking about the market opportunity, Jain said the intimate wear market in India is about USD 3 billion, of which only 40 per cent is organised. "This market is expected to grow to USD 6 billion in the next five years, and the share of organised retail is poised to grow to 60 per cent," she added.
Zivame, which counts Zodius Capital, Unilazer Ventures and Khazanah Nasional Bhd among its investors, is also looking at raising funds to the tune of USD 50 million (about Rs 350 crore) within this fiscal.
This year, Zivame has raised Rs 60 crore in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals, and Rs 10 crore in an extended series C Round from Allana Investment and Trading Company.
In 2015, it had raised Rs 250 crore in series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd, the investment holding arm of the government of Malaysia and USD 6 million from Unilazer Ventures in 2013. Ratan Tata has also invested an undisclosed amount in the company. SR BAL

Zivame to expand offline footprint, eyes break-even in 12 months

<img class="gwt-Image" src="/photo/57749878.cms" />Online marketplace <a href="http://www.businessinsider.in/exclusive-shopclues-predicts-how-the-e-commerce-space-will-turn-out-in-2017/articleshow/56592792.cms">ShopClues</a> is looking forward for a possible public share sale, as it struggles with internal disputes amongst co-founders. 
 
The Gurgaon-based company, which entered the <a href="http://www.businessinsider.in/ShopClues-raises-Series-E-at-a-valuation-of-1-1-Billion/articleshow/50547081.cms">unicorn club</a> in January last year after exceeding the valuation of $1 billion, has been reportedly in talks with investment banks including <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> and Credit Suisse, two people in the know told ET. 
 
The issue is said to be ready for the first quarter of financial year 2018-19, and would have at least two investment banks as the lead book runners. 
 
Talking of the conflict, co-founders <a href="http://www.businessinsider.in/slideshows/sai/heres-how-startups-like-oyo-paytm-snapdeal-reacted-to-budget-2017/sanjay-sethi-ceo-co-founder-shopclues/slideshow/56938870.cms">Sanjay Sethi</a> and Radhika Aggarwal are dealing with accusations from co-founder and former CEO Sandeep Aggarwal, regarding the issue of illegally taking away his voting rights. Both Sethi and Radhika Aggarwal have denied the charges, and are being supported by the company's board. 
 
In other development, <a href="http://www.businessinsider.in/shopclues-launches-shopclues-surety-to-ensure-quality-products-on-its-platform/articleshow/57667609.cms">ShopClues</a> is looking to raise a fresh funding of somewhere between $75 million and $100 million, a transaction that's expected to be a mix of primary and secondary components from its investors Nexus Venture Partners, <a href="http://www.businessinsider.in/billionaire-chase-colemans-tiger-global-made-a-nearly-500-million-bet-on-fiat/articleshow/57156399.cms">Tiger Global</a>, GIC (the sovereign fund of the government of Singapore), and Ronnie Screwvala, founder of Unilazer Ventures, among others. 
 
(Image source: LiveMint)

Internal conflicts aside, ShopClues might bring out an IPO

<img class="gwt-Image" src="/photo/45790835.cms" />

	 Eyeware retailer <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> has raised Rs 135 crore in fresh capital in its third round of funding. The company has in its Series C (final rounding of early funding cycle) raised the funds as co-investment from <keyword id="141646" type="COMPANY" weightage="20" keywordseo="TPG-Growth">TPG Growth</keyword> along with Hong Kong-based TR Capital and its existing investor IDF Ventures. 
	 Interestingly, the company has raised a total of Rs 200 crore in three rounds of funding that has happened so far. In February 2013, the company had received an investment of Rs 53 crore from <keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>’s Unilazer Ventures along with IDG Ventures India. 
	 
	“In TPG, we found strategic partners and advisors with proven capability to build a large consumer-centric enterprise. The TPG brand is another feather in our cap. With this new investment, we will be hiring the best talent and give them a world-class environment to innovate and solve India’s eyewear problems at a very large scale,” said Peyush Bansal, CEO &amp; Founder of Lenskart. 
	 
	Commenting on the same, Manas Tandon, Director, TPG Growth said, “TPG globally is an active investor in the Internet sector. We are excited about the evolution of Internet in India and are delighted to partner with Lenskart as our first investment in this space. The Lenskart team brings to the table an impressive focus on customer service and keen commercial instincts, thereby building a dominant position in the eyewear space, while maintaining attractive unit economics.” 
	 Currently, the company clocked in revenues of nearly Rs 100 crore and has been growing at 15% every month. Lenskart was founded in 2010 by <keyword id="2674246" type="UNKNOWN" weightage="20" keywordseo="Peeyush-Bansal">Peeyush Bansal</keyword> along with Amit Chaudhary and Sumeet Kapahi. The company claims to have grown by over 200% year on year.

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