Rajan referenced Indie.vc as the closest structural analog to Upekkha's investment model, noting that Upekkha uses the same individual term sheet and the same revenue-share buyback mechanics. He acknowledged that Indie.vc has shut down and is restarting in a different format, and that alignment issues between LPs and founders contributed to its difficulties. These characterizations are Rajan's own framing and are not confirmed figures or statements from Indie.vc.
Rajan also referenced Founderpath, the host Nathan Latka's firm, as a complementary rather than competing provider, noting that Founderpath operates later in the risk curve with non-dilutive debt for companies that already have revenue, whereas Upekkha enters at near-zero revenue with equity capital.