[Funding alert] SaaS startup Toplyne raises $15M led by Tiger, Sequoia

San Francisco and Bengaluru-based SaaS platform Toplyne has raised $15 million in a Series A round led by Tiger Global Management and Sequoia Capital India, with participation from existing investors Together Fund, Sequoia India’s Surge, and angel investors from Canva, Vercel , and Zoominfo. 

In a statement, the startup announced that it will use the funding to aggressively deliver on the product roadmap, and scale the data science, engineering, product, and design teams.

"We are thrilled to see how the Toplyne team and product has shaped up in the first year of operations. Their unified approach combining in-product nudges and sales assisted conversions is resonating strongly with customers," said Ashish Agrawal, MD, Sequoia India.

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Ruchin Kulkarni, Co-founder at Toplyne, said,  

“It's an interesting time to be a monetisation software. SaaS multiples are at all-time lows. Funding markets are drying up. ARR is back in vogue. PLG SaaS companies need their free users to convert to paid plans. Toplyne fills this gap by enabling businesses to monetise their PLG.”

Founded in June 2021 by Rishen Kapoor and Ruchin Kulkarni, who were earlier with Sequoia India, and Rohit Khanna, the former VP-Product at CleverTap, Toplyne enables companies to monetise their product-led growth flywheel by increasing conversions within their freemium user base. 

The startup claims that it is committed to becoming a one-stop shop for product-led growth (PLG) businesses to solve their monetisation problems. Its plug-and-play product allegedly integrates into existing CRMs (Salesforce, Hubspot), product engagement platforms (Braze) and product analytics infrastructures (Amplitude, Segment) seamlessly and within minutes. 

Toplyne previously raised $2.5 million in a seed round in November 2021. Since then, it has gained several customers like Canva, Grafana, Gather.Town, InVideo, and BrowserStack.

The startup aims to launch a self-serve freemium product within the next quarter to onboard a waitlist of more than 1,000 customers. Its workforce has also grown from 13 to 30 employees.