Bluelearn, the community-led edtech platform, has announced its decision to shut down operations and return 70% of the capital it raised to its investors. Co-founder Harish Uthayakumar shared the news in a post on X, formerly known as Twitter.
“We realised 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,” Uthayakumar said.
Founded in 2021 by BITS Pilani Goa alumni Harish Uthayakumar and Shreyans Sancheti, Bluelearn was established during their final year of college. The platform aimed to help Tier II and III college students network, learn skills, and connect with industry experts. Despite their efforts, the founders acknowledged the challenges in scaling the business.
In a video uploaded on YouTube, Uthayakumar elaborated on the decision, stating that they could not envision Bluelearn becoming a large business capable of generating significant revenue.
According to Tracxn, a data website, the Bengaluru-based startup raised Rs 3.25 crore in a pre-seed round in June 2021 and $3.5 million in seed funding in August 2022, reaching a post-money valuation of $10.8 million. The company’s investors included prominent names such as 100X, Titan Capital, Elevation Capital, Lightspeed India, and various angel investors.
Expressing gratitude and optimism, Uthayakumar said, “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.”
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