SaaS startup Toplyne shuts down operations

San Francisco- and Bengaluru-based SaaS firm Toplyne is winding down its operations and returning funds to its investors. 

“After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor, Founder and CEO at Toplyne, in a LinkedIn post. 

Founded in 2021 by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, Toplyne helped businesses capitalise on their product-led growth strategies by boosting conversions from their freemium user base.

The platform’s plug-and-play solution was designed to integrate with existing CRMs such as Salesforce and Hubspot, product engagement platforms such as Braze, and product analytics tools like Amplitude and Segment.

In 2022, the 30-member startup raised $15 million in a Series A round led by Tiger Global Management and Peak XV, with participation from existing backers Together Fund, Sequoia India’s Surge, and angel investors from Canva, Vercel, and Zoominfo. 

“Ruchin and I are deeply grateful to our team, customers, and investors for trusting us and giving us the chance to build Toplyne. We’ve learned a lot—mistakes included—and will hopefully share those takeaways soon. We’re especially proud of our team. These 30 talented people gave their all across sales, customer success, machine learning, product, design, HR, and engineering,” Kapoor added. 

He mentioned that the founders' current priority is assisting their team in finding new opportunities while also supporting their customers to ensure a seamless transition.

Some of its clientele included Canva, InVideo, Grafana, Gather.Town, and BrowserStack.