Discover & fund Outliers
Earn outsized returns with UP Funds



Upekkha coaches underrepresented SaaS startups the Value SaaS way - build their revenue flywheel profitably. For you as an investor, this means a differentiated hedge to bet on.
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Become a Limited Partner

About UP Funds

UP Funds is an early stage B2B India SaaS rolling fund on AngelList USA, launched in January 2021 that has WestBridge Capital and notable SaaS founders & corporate leaders as LPs.
$6M/yr
Investment goal in 2023
46
Startups funded
$100K
Investment per startup

Why invest in SaaS?

4.9x
Return in the last 15 years
$307.3 Bn
Market by 2026
9.1%
CAGR

Why invest in India SaaS?

Favorable growth environments, founder communities and capital-efficient models
8x
Valuation multiple compared to 6.5x global average
<1.5x
8/10 Indian SaaS businesses with >$10M ARR have a burn multiple <1.5x
$13-$15Bn
Market by 2025 clocking 6x growth
9%
of global SaaS will be India SaaS in the next 15 years
Trillion-Dollar Indian SaaS Opportunity

India SaaS is growing at 40 to 50% YOY. After some initial scale in the first five years, it'll drop to 20-30%. India is already at $6.5 billion in SaaS revenue as per 2022 statistics.
Suresh Sambandham
CEO, Kissflow

Why invest in Value SaaS?

1/3
of Indian SaaS are Trailblazers – ultra or hyper growth companieswith very low burn multiple
8/10
 companies reported either an improvement or no changes in key metrics, such as net dollar retention rate (NDRR), customer lifetime value (CLTV) and payback period
25%
drop in valuation in 2022 for capital-efficient Indian SaaS businesses, against an average fall of 50% to 70% valuation during the same year

Why Invest in UP Funds?

We ONLY invest in founders who are part of our accelerator. This ensures that we hand hold each one of them to capital-efficient growth.
And we are not alone. Our community of 250+ SaaS founders help each other grow.

Some of the prominent LPs who have backed UP Funds include WestBridge Capital (anchor LP), Godard Abel (G2), Pallav Nadhani (exited FusionCharts), Ankit Oberoi (AdPushup.com), Vineel Nalla (50K Ventures) and more.
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Amount invested so far: $5.1 million
Startups in UP Funds Portfolio: 46
Upekkha has the top pick of upcoming SaaS founders in India.
We selected 10 startups out
of 140+ applications for the last cohort (~7%).
11 startups crossed $1M ARR and 3 startups have crossed $5mn+, profitably
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This is a US fund on the AngelList Rolling Fund platform investing in US HQ SaaS startups.

Our founders and partners Prasanna, Shekar, and Thiyagarajan, have worked with over a thousand startups - including 125+ SaaS startups through Upekkha. They have been active volunteers in top global startup ecosystems like SaaSBooMi, Startup Bridge India, Microsoft Accelerator, iSPIRT, Startup Village Kerala, Kerala Startup Mission, Zone Startups, Reliance Jio Gennext, Lets Venture, and more.

Thesis - Our funding philosophy

UP Funds invests in Indian SaaS startups with capital- efficient, sustainable and profitable growth, that prioritize customer-centric products solving high-value problems.
Indian Competitive Advantage
India has a unique advantage in the SaaS industry due to pay-it-forward communities, rich talent pool, and lower cost of doing business.
Capital Efficiency
A key driver of SaaS growth, allowing startups to maintain control and make decisions based on their vision and values.
Customer-centricity
Our focus is on startups prioritizing customer needs and feedback for sustainable growth.
Sources
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  • https://www.ey.com/en_in/news/2023/02/indian-b2-b-saas-outlook-bullish-for-2023-8-out-of-10-cxo-s-target-above-50-percent-arr-growth
  • https://nasscom.in/sites/default/files/media_pdf/Press-Release-NASSCOM-SaaS-Report-2020-23-Jul-2020.pdf
  • https://www.bain.com/insights/india-saas-report-2022/
  • https://medium.com/@alexfclayton/history-of-public-saas-returns-and-valuations-67e49935a34c
  • https://reports.valuates.com/request/sample/QYRE-Othe-1G311/COVID_19_Impact_on_Global_Software_as_a_Service_Market
  • https://www.scribd.com/document/213695819/Pacific-Crest-2013-SaaS-Survey
  • https://www.saas-capital.com/wp-content/uploads/2020/06/2020_B2B_SaaS_Retention_Benchmarks.pdf
  • https://recurly.com/research/churn-rate-benchmarks/
  • https://www.prnewswire.com/news-releases/software-as-a-service-saas-market-size-is-projected-to-reach-307-billion-by-2026-301337008.html

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