Upekkha Secures $15M in Initial Close for $40M SaaS Fund, Led by WestBridge Capital”
Upekkha, the Software-as-a-Service (SaaS) fund and accelerator, has successfully completed the first close of its ambitious $40 million Upekkha Fund, securing an impressive $15 million. The funding initiative is spearheaded by WestBridge Capital, signaling a robust start for the venture. With a specific focus on the flourishing landscape of SaaS and AI in India, the Upekkha Fund is poised to invest in over 70 early-stage startups in 2024.
Despite the challenges faced by SaaS startups in the wake of macroeconomic conditions and a funding slowdown, the early-stage startups exhibited mixed funding outcomes in 2023. Upekkha’s primary objective is to identify and mentor top SaaS startups in India, positioning them to navigate and overcome global challenges. Prasanna Krishnamoorthy, Managing Partner at Upekkha, shared insights into their investment strategy, stating, “Our thesis revolves around buying low and selling high. Recognizing the need for founder support compared to 2021-22, we aim to make consistent investments over the years. This fund is earmarked for investing in 70 companies, including those engaged in mundane tasks but with the potential for high financial returns.”
The significant anchor in this first close is WestBridge Capital, providing substantial confidence in Upekkha’s go-to-market strategy. Krishnamoorthy expressed gratitude, saying, “With their support, we can further accelerate founders’ growth and global expansion.” Upekkha boasts a portfolio of 13 startups generating approximately a million dollars in revenue. Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital, emphasized the importance of Upekkha in the SaaS ecosystem, stating, “Prior to Upekkha, India did not have a robust ecosystem and platform that assisted early-stage SaaS entrepreneurs in building strong businesses. We continue to see Upekkha as a key partner bridging that gap and enabling founders to build global SaaS businesses from India.”
A SaaS Outlook 2023 report highlighted a notable shift in SaaS startup funding, with a surge in pre-seed and seed investments. Krishnamoorthy added, “India will boast the highest count of AI developers globally. While we may not have the same level of expertise as Stanford or MIT, what’s crucial is the intermediary role—someone who can bridge the gap between advanced AI and practical usability for users and businesses.”
Founded in 2017, Upekkha has amassed a portfolio of 165+ startups and a community of over 300 SaaS founders. Currently overseeing its 13th cohort, Upekkha, under the leadership of Prasanna Krishnamoorthy, Shekar Nair, Thiyagarajan Maruthavanan, and Gokul KS, supports startups with $125,000 in pre-seed funding, SaaS coaching, community engagement, and access to demo days. The first close also saw participation from Godard Abel, CEO of G2.com, among other limited partners, according to a press statement.
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