Upekkha's SaaS Startup Fund Hits $15M in First Close on the Path to $40M Total Funding
Upekkha, the SaaS-focused accelerator fund, achieves a significant milestone with the first close of its new fund at $15 million, led by WestBridge Capital.
Updated: January 11, 2024
Upekkha, a prominent accelerator fund with a specific focus on Software-as-a-Service (SaaS), has achieved a significant milestone by announcing the successful first close of its new fund, securing $15 million. This funding round was led by WestBridge Capital, reflecting a strong endorsement of Upekkha's commitment to supporting and nurturing startups in the dynamic SaaS and Artificial Intelligence (AI) sectors. The total corpus of the fund is expected to reach approximately $40 million, underscoring the substantial resources Upekkha aims to deploy in furthering its mission of empowering early-stage startups.
Founded in 2017 by Prasanna Krishnamoorthy, Maruthavanan, and Shekar Nair, Upekkha has established itself as a vital player in the startup ecosystem, especially in the realm of B2B SaaS. The accelerator platform is known for its unique approach, offering not only financial support but also mentorship and training to SaaS companies, thereby contributing to their holistic growth. Over the past six years, Upekkha has forged collaborations with more than 250 Indian B2B SaaS founders, positioning itself as a trusted partner in the startup journey.
The newly raised funds are earmarked to double down on Upekkha's commitment to the SaaS and AI sectors, leveraging the extensive experience and insights gained through its interactions with the startup community. The investment landscape is expected to witness a notable shift as Upekkha plans to allocate resources to over 70 early-stage startups in 2024. Each startup is set to benefit from an investment of close to $125,000, reflecting Upekkha's dedication to providing substantial support at the crucial pre-seed stage.
Noteworthy among the limited partners (LPs) in this funding round is Godard Abel, the CEO of G2.com, a significant player in the B2B SaaS marketplace. This strategic partnership brings not just financial backing but also industry expertise and mentorship, potentially opening new avenues for the startups under Upekkha's wing.
Upekkha's holistic approach encompasses not only financial injections but also tailored coaching and community access for startups. The accelerator's portfolio boasts a diverse array of successful companies, including API Platform, Almabase, Gimlet.ai, and Labellerr, among others. These companies stand as testaments to the effectiveness of Upekkha's model, which goes beyond mere funding to provide a supportive ecosystem for startups to thrive.
With a rich history of collaboration, Upekkha's portfolio comprises over 165 startups, embodying the collective aspirations and endeavors of more than 300 SaaS founders. The accelerator's success stories underscore the importance of fostering an environment where innovative ideas can flourish, and entrepreneurs can navigate the challenges of the startup landscape with guidance and resources.
As Upekkha charts the course for its next phase of growth, the infusion of funds from the first close positions it strongly to continue making a significant impact on the startup ecosystem, particularly in the burgeoning SaaS and AI domains. The accelerator's commitment to nurturing and empowering startups not only resonates with the current needs of the industry but also reflects a visionary approach to building a robust foundation for the future of entrepreneurship.