BENGALURU: Online tutoring platform Vedantu is likely to acquire Ronnie Screwvala-backed edtech start-up Lido Learning, which was on the verge of shutting down due to lack of funds. Sources confirmed that the second-largest edtech company will buy Lido and the deal is likely to be closed in the coming weeks. However, Vedantu could not be reached for comment.
Lido has been facing severe financial constraints, as it could not pay salaries to 700 employees since January. A Lido employee said apart from 700 people, the company needs to pay salaries to many teachers and some contract employees too. A source confirmed that Lido Learning has to pay salaries amounting to Rs 9 crore.