Social learning platform Startup Bluelearn announced on Sunday that it has ceased operations, citing difficulties in achieving rapid growth. The three-year-old company will return 70% of the capital it raised to its investors.
Based in Bengaluru, Bluelearn had raised nearly $4 million in two rounds from Elevation Capital, Lightspeed, Titan Capital, and 2am VC. The platform was also supported by angel investors including Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, and Vivek Mohan. “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,” said Harish Uthayakumar, Bluelearn’s co-founder and CEO, on X.
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 startup claimed over 250,000 members from various colleges and startups in India and abroad.Since its inception, BlueLearn has helped thousands of students get internships, jobs, and make friends through its online community.
In 2024, more than half a dozen startups in India have shut down their operations. These include Resso (India) Rario, OKEx (India) Movin, GoldPay, Koo, and Ninti.Some of these companies have also announced significant capital return to their investors. For example, digital health startup Ninti, which shut down its operations in April, said it would return most of the capital it raised from its investors.
Similarly, trading app Investmint will return 25% of its capital during its bankruptcy proceedings. Fashion startups Fashinja and Virgo will also return capital to their investors after the failed pivot, according to media reports.
