Beijing (PingWest)- TikTok-owner ByteDance is reportedly in talks to invest in Mumbai-based education technology firm Lido Learning, which is the company’s part of plan to increase presence in rapidly growing education technology business.
ByteDance has held multiple discussions with Lido Learning, economic times reported, citing source closed to the matter said.
Established in April 2019 by serial entrepreneur Sahil Sheth, Lido learning provides online tutoring to students in the K-10 segment, it claims to hire about 500 online tutors across India to teach 5,000 registered students through its web-based platform and mobile app.
In April, it raised USD7.5 million in its Series B funding round led by Alibaba-backed BAce Capital with participation of Paytm and Ronnie Screwvala, following fundraising of USD3 million from Rocket Internet founder Alex Samwer-backed Picus Capital, and Paytm president Madhur Deora in March.
The investment could face hurdles as Indian government changed its foreign direct investment norms since April, now all investment from countries that share a land border with India would have to get government approval first before being materialized.
Food-tech startup firm Zomoto failed to receive USD100 million from Ant Financial amid the investment norm, Zomoto’s executive vice-chairman Sanjeev Bikhchandanni told Economic times that the transaction is still being reviewed by authorities and awaiting the approval.
ByteDance has partnered with Indian edtech companies such as Vedantu, Toppr, MadeEasy, and Gradeup to make short video educational clips on Tiktok.
ByteDance has been increasing its influence in the education sector, Chen Lin, enior vice president at ByteDance said the company plans to invest “a huge amount” of capital into its newly-established education technology, per a report by Reuters.
ByteDance currently operates one-on-one English tutoring app GoGoKid and online course livestreaming app Qingbei.