Diabytes
Lido Learning News
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Lido has failed to repay debts and has fallen behind on payments to former employees.
Employees received a full and final (F&F) settlement letter from Lido and verbal assurances from HR that their salaries would be paid by the end of June.
Lido Learning's bankruptcy filing comes at a time when startups in India are increasingly showing signs of distress.
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Vedantu, White Hat Jr, Lido Learning and Unacademy, among other startups, have laid off employees.
Vedantu has recently fired about 424 employees.
Lido Learning shut shop early this year.
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The CEO said in the email that the external macroeconomic environment currently is tough.
He cited situations such as the Russia-Ukraine war, recession fears, and Fed interest hikes.
Edtech startups such as Unacademy, Lido Learning, and WhiteHat Jr, among others.
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The edtech industry is facing turbulent times.
Edtech companies are witnessing a significant dip in the demand for online learning.
Companies are either shutting shop or cutting down on their budgets.
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