Upekkha, a software-as-a-service (SaaS) fund and accelerator supporting early-stage Indian start-ups in global expansion, has successfully closed the initial round of its $40 million Upekkha fund. It has also secured $15 million in a funding round led by WestBridge Capital.  

Godard Abel, CEO of G2.com B2B SaaS marketplace, is among the limited partners in this phase.

Despite challenges in the start-up sector amid macroeconomic uncertainties and a funding slowdown, the fund has confidence in India's SaaS and artificial intelligence (AI) landscape, planning to invest in over 70 early-stage start-ups in 2024, Upekkha added in its statement.  

Focusing on unit economics and capital efficiency, the company is optimistic about its ability to identify and mentor top SaaS start-ups in India to overcome global challenges, it added. 

On the growing SaaS sector and investing in Upekkha, Sumir Chadha, co-founder and managing partner at WestBridge Capital, said, “Before Upekkha, India did not have a robust ecosystem and platform that assisted early-stage SaaS entrepreneurs in building a strong, successful business. We continue to see Upekkha as a key partner bridging that gap and enabling founders to build global SaaS business from India.” 

Prasanna Krishnamoorthy, managing partner at Upekkha, added that Indian SaaS start-ups powered by AI will grow fast and, as a result, 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 and SaaS fund for early-stage startups building from India to win globally,” he claimed.  

Nitthin Chandran, CEO of Medpiper said that they joined Upekkha due to their SaaS focus. "We are very happy with the support we got. I’d rate Upekkha along with YC regarding the quality of partners, founder peers, and support systems they’ve created for founders in their program.” 

The firm facilitates initial capital to SaaS founders in India, aiding them in creating successful global SaaS ventures. Currently on its 13th cohort, Upekkha collaborates with over 165 start-ups and boasts a robust community of 300+ SaaS founders. Led by Prasanna Krishnamoorthy, Shekar Nair, Thiyagarajan Maruthavanan, and Gokul KS, Upekkha has steadily grown to become the go-to fund and accelerator for early-stage SaaS startups in India, the firm said. 

WestBridge Capital is a late-stage India-US crossover investment fund with a substantial capital of over $8 billion. The fund engages in investments in private and public companies, particularly those based in or significantly connected to India. The fund has invested in more than 160 high-growth companies across various geographical locations.