Early-stage venture capital firms Together Fund and BoldCap VC have exited their investment in software-as-a-service startup Togai, which they backed about a year ago.
Together, which was led by founders of Freshworks, Eka Software and a former Matrix executive, had led a $3.1 million seed round in Togai, along with participation from BoldCap, Core91, and Prasanna Shankar, co-founder of Rippling.
NYSE-listed firm Zuora, which provides a monetisation suite for businesses, has agreed to acquire Togai, for an undisclosed amount.
Togai, founded in 2022 by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, is a business-to-business SaaS firm, offering metering and usage-based billing platform for businesses.
While the company was registered in Delaware, US, it has employees in Chennai.
“With Togai’s low-code builder and developer-friendly interface to quickly configure metering and rating of raw events, the acquisition will help Zuora unite developers and finance teams to launch, iterate and adapt usage-based models,” Zuora said in a statement.
The co-founders of Togai, along with their employees, will join Zuora, as a part of the deal. Post the deal, Togai’s solutions will become a part of Zuora’s existing product suite along with its other offerings including billingr Revenue, and payment products.
The acquisition of Togai is expected to close in early May 2024 and is subject to customary approvals and closing conditions