Toplyne Labs Pte. Ltd, which runs software-as-a-service (SaaS) platform Toplyne, on Tuesday said it has raised $15 million (around Rs 115 crore) in its series A funding round co-led by Tiger Global and Sequoia Capital India.
The round also saw participation from existing investors Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel and Zoominfo.
Toplyne plans to use the fresh funds to deliver on the product roadmap and scale the data science, engineering, product, and design teams.
Founded in June 2021 by Rishen Kapoor and Ruchin Kulkarni, Toplyne is a SaaS platform that enables product-led growth (PLG) companies to increase their freemium user conversion rates.
Toplyne claims to analyse complex patterns in large volumes of product-usage data to identify users and accounts who have the highest intent to convert to paid subscriptions and enables growth teams to rapidly experiment with and deploy various go-to-market (GTM) motions at scale.
In November 2021, the startup raised $2.5 million (approximately Rs 19 crore) from Sequoia Capital India’s accelerator program Surge, Together Fund, and angel investors from Canva, Freshworks, and Zoominfo.
“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. And they need it to happen yesterday. Toplyne fills this gap by enabling businesses to monetise their product-led growth," said Kulkarni.
According to the startup's statement, Toplyne has onboarded several marquee customers such as Canva, Grafana, Gather.Town, InVideo and BrowserStack and is set to launch a self-serve freemium product within the next quarter to onboard waitlisted customers.
"Monetizing freemium users is an important problem faced by software companies with a PLG motion. We are thrilled to see how the Toplyne team and product have shaped up in the first year of operations," said Ashish Agrawal, MD, Sequoia India.
