Stoa School, the online MBA boot camp offering a six-month, part-time program, has officially shut down after more than four years of operation. Started in October 2020, the startup aimed to provide an affordable alternative to traditional MBA degrees, focusing on the startup ecosystem. Despite raising seed funding from prominent investors such as Nithin Kamath, Kunal Shah, Gagan Biyani, and Angel List in 2021, the company declared its decision to discontinue operations.
Raj Kunkolienkar, the founder of Stoa, shared the news in a LinkedIn post, describing the closure as a gut-wrenching decision. "It has been our privilege to serve over a thousand individuals who have gone on to achieve amazing things across industries and geographies," he wrote. "This was a tough decision to make, especially since people expect an education brand to endure."
The program, which cost approximately Rs 2.5 lakh, offered a curriculum that included strategy, general management, branding, economics, and analytical thinking. Despite Stoa's success in building a strong brand, the company faced challenges in the post-pandemic edtech landscape, with a noticeable decline in interest in online live-learning formats. According to Kunkolienkar, the decision was influenced by changing consumer preferences, as well as the economics of transitioning to offline operations, which the team ultimately decided against.
Stoa's closure comes amid a broader shift in the edtech sector, where many startups are either shutting down or merging with larger companies. For instance, Bluelearn, a social learning platform, also ceased operations in July after raising USD 4 million in funding.
Stoa's founders expressed gratitude to its community and reaffirmed their commitment to their future endeavors while acknowledging the challenges facing the edtech industry in a rapidly changing market.
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