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Upekkha
Upekkha is a Bengaluru-based accelerator that funds B2B SaaS startups through a revenue-linked capital model.
Upekkha
Upekkha is a Bengaluru-based company founded in 2017 that operates in the SaaS industry. It provides accelerator programs, early-stage funding, coaching, community support, and capital to B2B SaaS startups. Upekkha has made 205 investments, including a Convertible Note in Dheemai on October 14, 2025, and has facilitated 3 portfolio exits, with Devzery exiting on November 12, 2025.
General information
Firm type
Private Equity
Year founded
2017
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Bengaluru
Corporate office
Bengaluru, India
Principals
Thiyagarajan Maruthavanan
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Upekkha?
Thiyagarajan Maruthavanan, the Managing Partner, leads investment decisions. He is the public voice of the firm and personally involved in cohort selection and accelerator programming.
How does Upekkha structure its investment capital?
Upekkha uses a revenue-share model rather than traditional equity. The firm provides seed capital to early-stage B2B SaaS companies in exchange for a percentage of monthly revenue up to a capped return multiple. This structure aligns the firm's outcomes with the operating performance of its portfolio.
Does Upekkha invest outside of India?
Upekkha invests in India-headquartered startups. Portfolio companies typically sell software to global customers, with significant revenue coming from North American and European markets, but the founding teams and core operations are based in India.
What is the relationship between Upekkha and Valley advisors?
Upekkha's accelerator model draws on mentorship from experienced SaaS operators with go-to-market expertise in global enterprise sales. The firm facilitates connections to this network, but the advisors are not equity holders in the management company.
Is Upekkha a fund or an accelerator?
Upekkha is structured as an accelerator with its own capital, blurring the line between an institutional seed fund and a startup program. It runs cohort-based batches but deploys its own balance-sheet capital under a revenue-share agreement rather than raising committed third-party LP funds.
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