Lido asks staff to quit as it winds down ops

Quality Tutorials Pvt. Ltd, which runs the edtech platform for Class V-XII students, sought the resignations earlier this month because it is looking to wind down operations amid a funding crunch, said the people cited above.

Lido Learning founder Sahil Sheth told a town hall meeting on 5 February that the company is facing a financial crisis and will not be able to pay salaries for February, three employees said.

Sheth said employees may get their salaries in the next three months and that the company is planning to sell its assets to generate cash to pay dues, all three employees said on condition of anonymity.

Sheth added that the company would not be able to continue as a going concern, and thus it is winding down its operations, they said. All its over-1,200 employees were told to tender their resignations. The company did not issue any termination letters.

Ronnie Screwvala, whose Unilazer Ventures recently invested $10…

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