Indian VCs are amazing /s

Upekkha, which used to be one of the few good SaaS-based VCs in India and marketed themselves as a highly successful SaaS-focused VC that took Indian SaaS to GTM in the US, has now completely repositioned themselves.

They now take equity, make no investments, and only work with companies that already have some traction.

I mean, I get it. If you have a long queue of entrepreneurs who are willing to pay you and give you equity with the hope that you can take them to US-GTM and 100x their revenue. Why would you invest and risk your own capital?

In other news, there is not a single Indian VC that is investing in SaaS or AI at the pre-traction stage. VCs are only making bets at 3x ARR as valuation. At that point, you are not really investing in a startup. You are lending money to a revenue machine.