Software-as-a-Service (SaaS)-focussed accelerator fund Upekkha has announced the first close of its new fund at $15 million led by WestBridge Capital as the fund wants to double down on SaaS and AI sectors.
The total corpus of the fund is around $40 million and it will invest in over 70 early-stage startups in 2024. Upekkha plans to invest close to $125,000 in each startup.
In February 2022, Upekkha raised around $9 million from WestBridge Capital to launch a rolling fund which was a first-of-its-kind alternative investment fund (AIF) in India.
Founded in 2017 by Prasanna Krishnamoorthy, Maruthavanan and Shekar Nair, Upekkha is a SaaS accelerator platform that mentors and trains SaaS companies.
Over the last six years, Upekkha has collaborated with more than 250 Indian B2B SaaS founders. Some of its portfolio companies include API Platform, Almabase, Gimlet.ai, Labellerr among others.
