Upekkha, an AI SaaS Fund & Accelerator, for Indian Founders achieved the first close of its $40 million Upekkha Fund at $15 million. The fund aims to deploy the fresh capital raised in over 70 early-stage startups in 2024, with a with a strong focus on India’s SaaS and AI landscape.
Upekkha has set a goal to tap and mentor top SaaS startups from India, enabling them to tackle global challenges. “Our thesis revolves around buying low and selling high. Recognising the need for founder support compared to 2021-22, we aim to make consistent investments over the years. This fund is earmarked for investing in 70 companies, including those engaged in mundane tasks but with the potential for high financial returns,” Prasanna Krishnamoorthy, Managing Partner stated.
Upekkha expects India will witness AI developer boom
“WestBridge is the largest anchor in this first close, giving us significant confidence in our go-to-market strategy. With their support, we can further accelerate founders’ growth and global expansion,” he added. Upekkha has 13 startups with about a million dollars in revenue, Krishnamoorthy said.
“Prior to Upekkha, India did not have a robust ecosystem and platform that assisted early-stage SaaS entrepreneurs in building strong businesses. We continue to see Upekkha as a key partner bridging that gap and enabling founders to build global SaaS business from India,” said Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital.
“India will boast the highest count of AI developers globally. While we may not have the same level of expertise as Stanford or MIT, what’s crucial is the intermediary role—someone who can bridge the gap between advanced AI and practical usability for users and businesses,” added Krishnamoorthy. Founded in 2017, Upekkha has a portfolio of 165+ startups and a community of over 300 SaaS founders. At present, it is overseeing its 13th cohort.
Under the leadership of Prasanna Krishnamoorthy, Shekar Nair, Thiyagarajan Maruthavanan, and Gokul KS, Upekkha provides startups with $125,000 pre-seed funding, SaaS coaching, community, and demo day access. Godard Abel, CEO of G2.com, was also among the LPs in the first close, a press announcement stated.
Despite the challenges faced by SaaS startups due to macroeconomic conditions and a funding slowdown, early-stage startups experienced mixed funding outcomes in 2023.
The funding was led by by WestBridge Capital.
