Upekkha Raises $15 Million in First Close of $40 Million Fund for Early-Stage SaaS Startups
- ByStartupStory | January 11, 2024
In a significant move bolstering the Indian startup ecosystem, venture fund and accelerator Upekkha has successfully secured $15 million in the first close of its anticipated $40 million Upekkha fund. The funding round was spearheaded by private equity firm WestBridge Capital, with notable Limited Partners (LPs) including Godard Abel, the CEO of G2.com, the largest B2B SaaS marketplace.
The Upekkha fund aims to support over 70 early-stage startups in 2024, a period marked by cautious investor sentiment with a focus on promising ventures demonstrating robust unit economics and capital efficiency.
“Indian SaaS, now powered by AI, will grow fast and 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,” stated Prasanna Krishnamoorthy, Managing Partner at Upekkha.
Upekkha provides a comprehensive support package to startups, including $125K in pre-seed funding, SaaS-specific coaching, and community access. Currently, Upekkha’s portfolio boasts over 165 startups, comprising more than 300 SaaS founders.
Sumir Chadha, Co-founder & Managing Partner at WestBridge Capital, emphasized the crucial role Upekkha plays in nurturing early-stage SaaS entrepreneurs. “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,” noted Chadha.
WestBridge Capital, a late-stage India-US crossover investment fund managing over $8 billion of capital, has invested in more than 160 companies across various geographies over the last two decades.
Estimates from management consulting firm McKinsey project the Indian SaaS market to reach $50-70 billion by 2030, a substantial increase from $7 billion in 2022. However, this would still represent less than 5 percent of the global SaaS market, which is anticipated to grow from $450 billion to $1.3-$1.6 trillion during the same period.
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