Bengaluru-based BlueLearn, a social learning platform, has ceased operations after just over three years of launch, citing challenges in achieving rapid growth. In a notable move, the startup will refund 70 percent of the funding it received to its investors.
“We realised that building a venture-scale business with BlueLearn was challenging. We had been very conservative with capital, enabling us to return 70% of the capital we raised back to investors,” Harish Uthayakumar, BlueLearn’s co-founder posted on X.
“I am grateful and have immense respect for all the incredible VCs and angels who took a bet on two college kids. They gave us an incredible launchpad and have always been supportive.” Uthayakumar added while addressing the stakeholders
Launched in 2021 by BITS Pilani alumni Harish Uthayakumar and Shreyans Sancheti, BlueLearn initially began as a Telegram channel where students could collaborate and share knowledge on common queries. Today, the platform boasts a vast community of over 1,50,000 members, representing more than 5,500 colleges and startups across 20+ countries, with a remarkable 30% organic growth rate each month.
Last year, BlueLearn raised $3.5 million in a seed funding round led by Elevation Capital and Lightspeed. The round also saw contributions from Titan Capital, 2am VC, and notable angel investors, including Meesho founders Vidit Aatrey and Sanjeev Barnwal, as well as Pixxel founder Awais Ahmed.
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