Bluelearn Shuts Down Operations, Returns 70% of Capital to Investors
Bluelearn, a social learning platform based in Bengaluru, has announced the closure of its operations after three years in business. Despite its efforts, the firm struggled to achieve rapid growth and will return 70% of the capital raised to its investors.
Founded by Harish Uthayakumar and Shreyans Sancheti, Bluelearn initially started as a Telegram channel aimed at helping students with common questions. At its peak, the platform boasted over 250,000 members from various colleges and startups across India and abroad. The company has played a significant role in assisting thousands of students with internships, jobs, and networking opportunities through its online community.
Bluelearn had successfully raised nearly $4 million across two funding rounds from notable investors, including Elevation Capital, Lightspeed, Titan Capital, and 2am VC. Angel investors such as Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, and Vivek Mohan also supported the startup.
“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,” said co-founder and CEO Harish Uthayakumar on X (formerly Twitter).
The closure of Bluelearn is part of a larger trend in 2024, with more than half a dozen startups in India shutting down operations, including Resso (India), Rario, OKX (India), Muvin, GoldPe, Koo, and Nintee. Some of these startups, like Bluelearn, have also announced plans to return significant capital to their investors. For instance, the digital health startup Nintee, which ceased operations in April, stated that it would return the majority of its raised capital to investors. Similarly, trading app Investmint will return 25% of its capital after undergoing insolvency proceedings.
As the startup ecosystem continues to face funding challenges, data compiled by TheKredible indicates that more than 15 startups ceased operations in 2023 due to financial constraints and other difficulties.
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