Bluelearn, a community-led edtech platform, will shut down operations and return 70% of the capital it raised to its investors, co-founder Harish Uthayakumar said in a post on X, formerly 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,” he said.
In a video uploaded on YouTube, Uthayakumar said that they could not see Bluelearn becoming a large business that could generate significant revenue.
Founded in 2021 by BITS Pilani Goa alumni Harish Uthayakumar and Shreyans Sancheti while in their final year, the platform aimed to help Tier II and III college students network, learn skills, and connect with industry experts.
According to data website Tracxn, 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. It was valued at $10.8 million post-money valuation.
The company’s investors included 100X, Titan Capital, Elevation Capital, Lightspeed India, and other angel investors.
“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,” Uthayakumar added.
