In a significant move, Upekkha, the prominent Software-as-a-Service (SaaS) accelerator, has declared the initial closing of its latest fund at an impressive $15 million, with WestBridge Capital leading the investment charge. The fund’s overarching goal is to intensify its focus on the burgeoning SaaS and AI sectors, reflecting a strategic alignment with the current trends in the technology landscape.
The overall fund size is slated to reach approximately $40 million, earmarked for deployment across a diverse portfolio of over 70 early-stage startups in 2024. Each startup is set to benefit from a substantial investment, with Upekkha committing close to $125,000 per venture.
This financial milestone follows Upekkha’s successful fundraising round in February 2022, where it secured $9 million from WestBridge Capital to launch a pioneering rolling fund. This alternative investment fund (AIF) marked a distinctive first in the Indian investment landscape, showcasing Upekkha’s commitment to innovation and trailblazing financial models.
Established in 2017 by Prasanna Krishnamoorthy, Maruthavanan, and Shekar Nair, Upekkha is a pivotal force in the SaaS acceleration space. The platform specializes in mentoring and training SaaS companies, fostering a nurturing environment for entrepreneurial growth.
Over the past six years, Upekkha has actively collaborated with more than 250 Indian B2B SaaS founders, leaving an indelible mark on the startup ecosystem. The accelerator’s illustrious portfolio boasts names such as API Platform, Almabase, Gimlet.ai, and Labellerr, representing a testament to its keen eye for transformative ventures.
With the infusion of this fresh capital, Upekkha is poised to strengthen its position as a catalyst for SaaS and AI innovation further. The ambitious investment plan for 2024 underscores the accelerator’s commitment to supporting the next wave of disruptive technologies, solidifying its role as a pivotal player in shaping the technology industry’s future.
