Ahmedabad, January 15, 2021: Tejas Mehta and Jimit Bagadiya, Co-Founders of SocialPilot, paved their way to million dollars and shared their humble beginning. They attribute a part of their success to the SaaS Accelerator, Upekkha, for their effective mentoring throughout the process and beyond.
Upekkha has its fund for selected startups. It recently unveiled a $2.5 million fund to assist around 20 entrepreneurs annually through its accelerator program, which invests $100,000 in each startup. SignEasy, SocialPilot, imocha, and Garage Plug are some startups that have participated in Upekkha.
The SAAS accelerator mentioned that the Monthly Recurring Revenue (MRR) of their current batch, which included SocialPilot, has grown by 88% on average.
SocialPilot began with a large group of Ideal Customer Profiles (ICPs) and narrowed it down. Every month, they spoke with dozens of their users for 20 to 30 minutes. They were able to interpret critical issues, needs, and popular functionalities. This frequent communication helped them create a uniform consumer base to prioritize functionalities that solve high-level problems for that segment after they downsized the ICPs.
The team also ensured that the usability of the product stayed uninterrupted and fixed bugs and errors. They also consistently monitored the product consumption and did a better behavior analysis to understand their product usage in customers’ hands.
Tejas Mehta reminisced the first milestone,
“When we hit $10K revenue getting global customers sitting in Ahmedabad, we were over the moon. But when we met Team Upekkha in mid-2017, we realized our journey was just beginning. With the help of their Value SaaS philosophy, 19 months after joining Upekkha’s cohort, we reached $1M in annual recurring revenue.”
Jimit Bagadiya also highlighted the accelerator’s contribution saying, “Upekkha focuses only on SaaS startups which ensures that all sessions are 100% relevant and relatable. The tactical sessions gave us many actionable ideas that we are already implementing.” Being part of Upekkha helped them raise their revenue by $3K — literally overnight.
Upekkha is all set to work with over 80 new SaaS startups in the next 18 months. It observed a mix of global founders applying for their accelerator program. Uppekha charges 4% equity for their accelerator program, which runs for 6 months, and a lifetime Tribe membership. The company has helped 61 startups, 7 cohorts, and 127 founders so far. The combined revenue of all these startups is more than $60 million ARR.