Funding Alert
Upekkha’s SaaS-focused UP Funds received $9 million from WestBridge
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ByStartupStory | February 25, 2022
Upekkha Value SaaS Accelerator, a US-based AngelList-style early-stage investment organization, has secured $9 million from WestBridge Capital for its rolling fund, which will aim to invest in about 50-60 firms this fiscal year. This is the first alternative investment fund (AIF) of its sort in India.
In a rolling fund, the investor will invest in businesses that use a revenue-based financing approach rather than a debt-based financing model. In January 2021, a software as a service (Saas)-focused investing business was launched. It usually invests between $100,000 and $200,000 in businesses.
In 2021, it supported roughly ten startups and also invested in one of its portfolio firms’ Series A round.
Upekkha, which was formed by Prasanna Krishnamoorthy, Shekar Nair, and Thiyagarajan Maruthavanan, has accelerated 72 businesses in four years, with seven of the first ten profitable.
UP Funds, which began operations in January 2021, assists SaaS startups in overcoming early-stage constraints by providing founder-friendly capital that safeguards their future alternatives. UP Funds funded $100,000-$200,000 in ten firms in 2021, as well as participating in one of its high-growth startups’ Series A investment.
UP Funds will invest in 60 entrepreneurs this year through three cohorts of the Upekkha accelerator program.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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