Sahil Sheth's Ambitious New Venture

Sahil Sheth, the founder of the now-infamous edtech startup Lido Learning, is pushing forward with a new AI venture aimed at revolutionizing healthcare. According to his LinkedIn profile, this innovative project has been in development for nearly two years and seeks to simplify healthcare navigation for both patients and doctors, potentially delivering game-changing efficiency and significant cost savings.

Unresolved Issues From Lido

However, as Sheth aims for the stars, shadows from his past linger. Many former Lido employees, still waiting for unpaid salaries, see his move as a stark reminder of their unresolved grievances. One ex-employee, Himani, who is owed nearly ₹80,000, expressed her frustration, stating, "I am planning to file a lawsuit. I cannot let this go."

Another former staff member, Vishal Burnwal, revealed the emotional toll the company's bankruptcy took on him, stating he was left without support after Sheth moved to the U.S. and Lido filed for insolvency. He’s owed approximately ₹75,000 and lamented, "They made a fool out of us. No one supported us." Both Himani and Vishal are part of a cohort of around 1,200 employees who were abruptly laid off in February 2022 without their January wages.

The Rise and Fall of Lido Learning

Founded in 2019, Lido Learning initially thrived during the pandemic, attracting significant investment and boasting over 1,500 employees. However, the company filed for insolvency in September 2022, citing an inability to pay its workers and vendors. The edtech boom turned into a bust as restrictions eased, leading to a slew of shutdowns in the sector. With over 2,000 edtech startups closing down in recent years, Lido's saga serves as a cautionary tale.

A Twist in the Tale: Lido's Unexpected Survival

Despite its insolvency filing, Lido didn’t vanish. The last remaining batch of roughly 5,000 students was absorbed by Sri Chaitanya Educational Institutions into a new initiative called Infinity Learn. This acquisition, however, has not been officially acknowledged, raising eyebrows about the legitimacy of Lido’s claims.

Questions of Accountability Amid New Beginnings

As Lido's insolvency case is resolved, the question remains: can entrepreneurs like Sheth truly start anew without accountability to former employees? Legal experts suggest that employees might still have the option to pursue claims for their unpaid wages, yet the ethical dilemma poses significant concerns. Rituparna Chakraborty, an HR leader, highlights how systemic advantages often allow founders to evade responsibility, despite the emotional and financial fallout experienced by employees.

The Future of Sheth and Lido: A Calling for Change?

As Sahil Sheth embarks on this new chapter with his AI startup, the plight of Lido's former employees raises urgent questions about ethical entrepreneurship. In a world that values innovation, can we also prioritize accountability? The Lido saga is a stark reminder that, for many, the past is far from over.