Six months after it shut ops, Lido Learning files for insolvency

Six months after it shut operations owing to a cash crunch, edtech start-up Lido Learning has initiated insolvency and bankruptcy proceedings, a regulatory filing show. The start-up was said to have been exploring merger options as a possible last resort to stay afloat, amid a funding winter for Indian start-ups due to geopolitical tensions and rising inflation.

According to the company’s filing with the Registrar of Companies (RoC) earlier this week, its board has passed a special resolution to file an application under Section 10 of Insolvency and Bankruptcy Code (IBC), 2016.