Bengaluru-based Bluelearn, an innovative social learning platform, has announced its closure and given its investors a refund of 70% of the almost $4 million it raised. It was difficult for the three-year-old startup, supported by well-known investors like Elevation Capital, Lightspeed, and Titan Capital, to grow its company to a venture-level success.
Initially established as a Telegram channel to promote student collaboration and support, Bluelearn was founded by Harish Uthayakumar and Shreyans Sancheti while they were students at BITS Pilani. It grew over time to become one of the biggest student groups in India, with more than 250,000 members worldwide. The platform’s goal was to provide students from Tier II and Tier III colleges with more affordable access to networking and educational opportunities, akin to those found at prestigious universities like BITS and IIT.
In a statement posted on X (formerly Twitter), CEO Harish Uthayakumar explained the difficulties the startup faced in achieving substantial revenue growth.\
We have made the hard decision to shut down bluelearn and return 70% of the capital we raised back to investors.
Bluelearn has been a very unusual startup. Shreyans and I started it back in 3rd year of college as a Telegram group that suddenly grew to 10,000 members, and soon,…
— Harish Uthayakumar (@curiousharish) July 21, 2024
Bluelearn raised $450,000 in its initial investment round in August 2021 from Lightspeed Venture Partners, 100X.VC, Titan Capital, and 2am VC. In February 2023, the firm received an additional $3.5 million in initial funding backed by Elevation Capital and Lightspeed.
Despite the operational closure, Bluelearn continues to have a tremendous impact on the student community. Thousands of students have used the site to secure internships, jobs, and entrepreneurial opportunities, establishing a culture of learning and collaboration.
Reflecting on his path, Uthayakumar stressed the value of risk-taking and innovation in the startup ecosystem. “I encourage more people to create and build businesses in India for the sake of the country and the world. We need more people to take chances and experiment with seemingly crazy ideas. It’s acceptable to fail. “I’m excited to share that a few of my Bluelearn teammates have gone on to found their own startups,” he said.
As Bluelearn concludes, it leaves a legacy of empowering students and cultivating a dynamic online community. The founders’ choice to return a major percentage of the funds raised demonstrates their commitment to careful financial management and respect for investor trust.
