In a surprising turn of events, social learning platform Bluelearn announced on Sunday that it has ceased operations, citing challenges in achieving rapid growth. The three-year-old Bengaluru-based startup plans to return 70% of the capital it raised to its investors.
Bluelearn, founded in 2021 by BITS Pilani Goa alumni Harish Uthayakumar and Shreyans Sancheti, had raised nearly $4 million in funding across two rounds from prominent investors such as Elevation Capital, Lightspeed, Titan Capital, and 2am VC. Angel investors including Vidit Aatrey and Sanjeev Barnwal, Awais Ahmed, Vivek Mohan, and others also supported the community-driven platform.
“We realized that building a venture-scale business with Bluelearn was tough. We had been very conservative with capital, allowing us to return 70% of the capital we raised back to investors,” Bluelearn’s co-founder and CEO Harish Uthayakumar shared on LinkedIn.
Bluelearn was established to help Tier II and III college students network, learn skills, and connect with industry experts. The platform started as a Telegram channel where students could help each other with common questions. At its peak, Bluelearn claimed to have over 250,000 members from various colleges and startups across India and abroad. The platform has assisted thousands of students in securing internships, jobs, and making friends through its online community.
According to data from Tracxn, Bluelearn raised Rs 3.25 crore in a pre-seed round in June 2021 and $3.5 million in seed funding in August 2022. The company was valued at $10.8 million post-money valuation. Its investors included 100X, Titan Capital, Elevation Capital, Lightspeed India, and other angel investors.
Despite the shutdown, Uthayakumar encouraged more entrepreneurs to take risks and innovate. “I’d encourage more people to start up and build in India, for India and for the world. We need more people to take risks and try out ideas that seem absurd. It’s okay if you fail. I’m excited to share that a few of my teammates at Bluelearn have gone on to found their own startups,” he added.
Bluelearn’s journey underscores the challenges faced by startups in the competitive edtech sector, but also highlights the importance of prudent capital management and the entrepreneurial spirit that drives innovation and growth in the industry.
