Bengaluru-based edtech startup, claimed to be third-largest student community, shuts down; founders to return 70% capital to investors – Times of India

Elevation Capital-backed upskilling and job discovering platform Bluelearn has shut down operations and can return 70% of the capital it raised to its buyers. Speaking concerning the preliminary journey, founder Harish Uthayakumar stated that he, together with co-founder Shreyans Sancheti, began BlueLearn of their third yr of school as a Telegram group, which later turned what he claims to be India’s largest scholar group, with over 250,000 members.
Elevation Capital was based in 2021 by BITS Pilani alumni Uthayakumar and Shreyans Sancheti. The Bengaluru-based firm began as a group on Telegram the place college students shared doubts with consultants. The app is alleged to have supplied a one-stop platform for college students to be taught new abilities, community with friends, and apply for internships.

Time to “construct in India, for India and for the world”

“Our mission was to create an internet college that leveled the taking part in subject and allowed college students learning in tier-2 and tier-3 faculties to entry alternatives to be taught, community, earn, and get publicity just like college students at BITS or IIT,” Uthayakumar wrote in a submit on LinkedIn.
“Nonetheless, we realized that constructing a venture-scale enterprise with BlueLearn was robust. We had been very conservative with capital, permitting us to return 70% of the capital we raised again to buyers,” he added.
“I would encourage extra folks to begin up and construct in India, for India and for the world. We want extra folks to take dangers and check out concepts that appear absurd. It is okay if you happen to fail. I am excited to share that just a few of my teammates at BlueLearn have gone on to discovered their very own startups,” Uthayakumar concluded.
The edtech firm had raised $4 million in funding from enterprise capital companies like 100x VC, Titan Capital, Elevation Capital, and Lightspeed together with angel buyers like Meesho founders Vidit Aatrey and Sanjeev Barnwal, Pixxel founder Awais Ahmed, amongst others.
In line with Uthayakumar, the group by itself app had expanded to 250,000 members from over 20 international locations together with the USA, the UK and Singapore.
“Bluelearn was an impactful chapter, however it’s time to transfer on to our subsequent one,” Uthayakumar added.
With this, Bluelearn joins the rising checklist of startups which have shut down operations.