Bluelearn, a social learning platform, announced on Sunday that it is closing down due to difficulties in rapid growth. The three-year-old Bengaluru-based company will return 70% of the capital it raised to its investors.
Bluelearn had secured nearly $4 million in funding across two rounds from Elevation Capital, Lightspeed, Titan Capital, and 2am VC. The platform also garnered support from angel investors such as Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, and Vivek Mohan. Co-founder and CEO Harish Uthayakumar indicated that building a venture-scale business with Bluelearn was challenging. The company managed its capital conservatively, allowing it to return 70% of the raised funds back to investors.
Founded by Uthayakumar and Shreyans Sancheti, Bluelearn began as a Telegram channel for students to assist each other with common questions. At its peak, the platform boasted over 250,000 members from various colleges and startups in India and abroad. Since its inception, Bluelearn has aided thousands of students in securing internships and jobs and fostering friendships through its online community.
In 2024, more than half a dozen startups in India, including Resso (India), Rario, OKX (India), Muvin, GoldPe, Koo, and Nintee, have shut down operations. Some, like Paras Chopra’s digital health startup Nintee, which closed in April, announced plans to return significant capital to investors.
Similarly, trading app Investmint will return 25% of its capital amid insolvency proceedings. According to media reports, fashion startups Fashinza and Virgo will also return capital to their investors after unsuccessful pivots.
