Etech startup Bluelearn co-founded by Shreyans Sancheti and Harish Uthayakumar, has announced its closure and the return of 70% of the total funding to its investors.
The company, which started as Clinify, made significant strides in online education and community building over the past three and a half years.
Shreyans Sancheti shared the journey and challenges faced by Bluelearn in a heartfelt linkedin post, reflecting on the startup’s evolution from its humble beginnings during the COVID-19 lockdowns.
Initially focused on creating Telegram groups for college mentorship, Bluelearn rapidly expanded to Discord, amassing a community of over 75,000 members and hosting large-scale events like the Bluelearn Model United Nations.
Despite early successes and significant traction, Bluelearn faced challenges in sustaining its growth and profitability.
After raising multiple rounds of venture capital, totaling over $4 million, the team experimented with various models, including live cohort-based courses and an internship platform.
However, sustaining engagement and monetizing their primarily student user base proved difficult.
In December 2022, Bluelearn launched its app, featuring a hiring platform, community interaction feed, and event listings, achieving over 100,000 downloads within three months.
The app saw a WAU/MAU ratio of 50% and facilitated over 300,000 internship applications, resulting in 1,500 successful placements.
Despite impressive growth, monetization efforts fell short, leading to multiple pivots in 2024.
Ultimately, the founders decided to wind down operations and return 70% of the raised funds to investors, prioritizing integrity and responsible use of capital.
Shreyans Sancheti expressed deep gratitude to the Bluelearn community, team members, and investors, acknowledging their support and contributions.
He highlighted the invaluable lessons learned, including the importance of market fit, monetization, and embracing uncomfortable truths.
Shreyans Sancheti emphasized the significance of intrinsic motivation for learners and the challenges of scaling live online courses.
While the decision to shut down was difficult, Shreyans Sancheti remains optimistic about the future, praising the talented team and co-founder Harish Uthayakumar for their dedication and passion.
He reflected on the journey with no regrets, cherishing the memories and experiences gained.
The shutdown of Bluelearn aligns with a broader trend of startups grappling with profitability and sustainable growth.
In the past year, 15 startups have ceased operations, with some failing to secure follow-on funding rounds.
Recent examples include startups like the health platform Nintee, fintech startup GoldPe, and the microblogging platform Koo.
