Upekkha, an early stage SaaS fund and accelerator announces first close (15M USD) of (40M USD) Upekkha fund led by WestBridge Capital

• Upekkha closes USD$15m USD (₹120 crore) of its US$40M Upekkha accelerator fund
• Upekkha is the only SaaS fund and accelerator enabling early stage SaaS startups to build globally from India.

Upekkha, the only SaaS fund and accelerator  enabling early stage SaaS startups to build globally from India with deep focus on AI, announced today that it has completed the first close (15m USD) of its (40M USD) Upekkha fund. The funding is led by WestBridge Capital. Godard Abel, CEO of G2.com the largest B2B SaaS marketplace is among the LPs in the first close. Showing bullish confidence in India SaaS and AI, the Upekkha Fund will invest in over 70 early stage startups this year.

While the startup sector is under duress of larger macroeconomic circumstances and funding winter, 2023 witnessed mixed funding outcomes for early stage startups. Upekkha’s fundraising comes at a moment when larger investor sentiment is that of caution and betting on truly promising ventures post scrutiny. 2024 will see returning focus on unit economics and capital efficiency. Upekkha remains confident in its selection and mentoring of the best SaaS startups from India to beat global odds.

On the growing SaaS sector and investing in Upekkha, Sumir Chadha, Co-founder & Managing Partner at WestBridge Capital said, “WestBridge was started with the goal to help Indian startups go global. Prior to Upekkha, India did not have a robust ecosystem and platform that assisted early-stage SaaS entrepreneurs in building strong successful businesses. We continue to see Upekkha as a key partner bridging that gap and enabling founders to build global SaaS business from India.”

Since 2017 Upekkha is the first choice accelerator for India SaaS founders helping them build a large global SaaS winner. Upekkha is on its 13th cohort and currently works with 165+ startups and a robust 300+ strong SaaS founder community. Upekkha has grown steadily and has become the go to fund and accelerator for early stage India SaaS startups. Managed by Prasanna Krishnamoorthy, Shekar Nair, Thiyagarajan Maruthavanan and Gokul KS.

Upekkha’s SaaS Outlook 2023 report stated that The funding landscape for SaaS startups is undergoing a dynamic transformation. As per projections, Upekkha is betting on India, pre seed and seed investments continuing to grow.

Prasanna Krishnamoorthy, Managing Partner at Upekkha concluded that “Indian SaaS, now powered by AI will grow fast and as a result attract greater investment. At Upekkha, we find great founders and help them reach their potential. The investment from WestBridge shows their confidence in India SaaS and gives us more dry power to be the leading accelerator & SaaS fund for early stage startups building from India to win globally.”

Nitthin Chandran, CEO of Medpiper said “We joined Upekkha due to their SaaS focus & we’re very happy with the support we got. I’d rate Upekkha along with YC regarding the quality of partners, founder peers and support systems they’ve created for founders in their program.”

A recent report by Bessemer Venture Partners expects Indian SaaS to be worth $25 billion by 2025. Digital transformation and AI integration will drive this growth. The Indian SaaS industry is poised for significant growth, fueled by AI, platform innovation, and a focus on building for the global market. As startups adapt to the changing funding environment and develop compelling brand stories alongside AI integration, they are well-positioned to thrive in the years to come.

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About Upekkha

Upekkha is a leading SaaS Fund and Accelerator that empowers founders to create thriving global B2B SaaS businesses from India. Upekkha powers startups by providing capital, SaaS specific coaching, a vibrant community and access to Demo Day. Upekkha’s offerings include a $125K pre-seed funding, granting founders the financial support they need to kickstart their ventures and solve early-stage bottlenecks.. Currently, Upekkha portfolio has 165+ startups, 300+ strong SaaS founder community.

About WestBridge Capital

WestBridge Capital is a late stage India US crossover investment fund managing over US$8 billion of capital. It invests in both private and public companies headquartered in, or with a significant nexus to India. Its unique 40-year evergreen structure allows it to partner with founders for long term and sustainable value creation. Over the last 20 years, it has invested in 160+ high-growth companies across various geographies.