SaaS accelerator Upekkha announces first close of $40 million VC fund
Upekkha, a startup accelerator focused on the software-as-a-service sector, has announced the first close of a $40 million fund at $15 million.
The fund was created with leading investment from WestBridge Capital. The other limited partners, or investors in the fund, include Godard Abel, founder and CEO of G2 that ranks SaaS companies.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitUpekkha will invest in more than 70 early-stage startups over the course of 2024 and 200 such companies in three years using the fund, founder and managing partner Prasanna Krishnamoorthy told ET.
The cheque size will typically be $125,000.
“We are seeing better founders coming into SaaS. We have founders who have exited in B2C and other sectors and are retrying new ventures in B2B SaaS. We’re seeing a lot of domain expertise coming up in B2B SaaS as well,” Krishnamoorthy told ET.
“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,” said Sumir Chadha, cofounder and managing partner at WestBridge Capital.
Founded in 2017, Upekkha, primarily an accelerator programme operator, had also made 57 investments via a rolling fund of $6.5 million.
Currently, Upekkha has its 13th cohort onboarded and active. Having worked with more than 165 startups, it has a network
