Social-Learning Startup 'Bluelearn' closes operations to return 70% Funds for Investors
Bluelearn, Social learning platform declared that it has shut down some of its operations as the startup found it critical to progress fast. The three-year old startup will return 70 percent of the capital that it gained to its financial backers.
The Bengaluru-based company had lifted around $4 million across two financial rounds from Elevation Capital, Lightspeed, Titan Capital, 2am VC. Angel investors such as Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, Vivek Mohan and others also supported the community driven platform financially
Speaking to this, the Co-Founder and CEO of Bluelearn, Harish Uthayakumar posted on X, “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”.
Established by Uthayakumar and Shreyans Sancheti, Bluelearn launched as a telegram channel for learners to help each other with mutual questions. At some point, the startup holded more than 250,000 members from diverse startups and colleges across India and overseas.
From its inception, the startup has facilitated thousands of learners with internships, employments and build professional friends through its online group.
Over a 6 startups operating in India closed their operations in the year 2024 so far. The list of startup includes Resso – India, Rario, OKX – India, Muvin, GoldPe, Koo and Nintee. Though a couple of them have also declared to return a substantiual capital to their financial backers. In a context, Paras-Chopra-directed digital healthcare startup Nintee that has closed its operations in the month of April, stated that the startup will return a huge capital gained from its financial backers.
According to the data gathered by the startup data intelligence platform, TheKredible, there are more than 15 startups terminated their operations owing to funding crunch and other disputes in 2023.
