BITS Pilani alumnus-founded Bluelearn is reportedly shutting down following the fundraising worth $4 million from Tital Capital, Elevation, 100X.VC, US-based Lightspeed Venture Partners, and other angel investors.
Harish Uthayakumar, the cofounder, posted the announcement on LinkedIn in which he referred to the move as a “hard” decision, and further mentioned, “We realized 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.”
The BITS Pilani graduate duo of Shreyans Sancheti and Harish Uthayakumar cofounded BlueLearn in 2021 as a Telegram group in their third year of college intending to expose tier-2 & 3 students to professional opportunities in the likes of IITs and BITS. Latter claims the platform had 250,000 members in its student community, the largest in India.
He added that the platform had catered to its student community in making a professional network, making friends, finding internships and jobs, and even piloting their startups. The cofounder advocated the will to turn ideas into startups, take risks, and continue despite failures.
The Bengaluru-based startup had secured $3.5 million in seed funding led by Elevation Capital and Lightspeed. Its maiden funding came in August 2021 when it raised $450,000 led by Lightspeed Venture Partners, along with 100X.VC, Titan Capital, and 2am VC.
