Software-as-a-Service (SaaS) fund and accelerator Upekkha has completed the first close of its Upekkha Fund at $15 million, targeting a total of $40 million. Led by WestBridge Capital, the fund is heavily focused on India's SaaS and AI landscape, with plans to invest in over 70 early-stage startups in 2024. Prasanna Krishnamoorthy, Managing Partner at Upekkha, shared insights, noting, "Our thesis revolves around buying low and selling high. Recognizing the need for founder support compared to 2021-22, we aim to make consistent investments over the years".

Despite the challenges faced by SaaS startups in 2023, Upekkha is committed to identifying and mentoring top SaaS startups from India, positioning them to overcome global challenges. Krishnamoorthy emphasized, "This fund is earmarked for investing in 70 companies, including those engaged in mundane tasks but with the potential for high financial returns". The significant anchor role played by WestBridge Capital in the first close instills confidence in Upekkha’s go-to-market strategy. Krishnamoorthy noted, "With their support, we can further accelerate founders’ growth and global expansion".

Sumir Chadha, Co-Founder and Managing Partner at WestBridge Capital, highlighted Upekkha’s pivotal role, stating, “We continue to see Upekkha as a key partner bridging that gap and enabling founders to build a global SaaS business from India”. Established in 2017, Upekkha is currently overseeing its 13th cohort, providing startups with $125,000 pre-seed funding, SaaS coaching, community support, and access to demo days. The SaaS Outlook 2023 report emphasized a shift in SaaS startup funding, with a notable increase in pre-seed and seed investments.