SUMMARY
The round also saw participation from existing investors such as Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel and Zoominfo.
The fresh capital will be used to expand the business and scale data science, engineering, product and design teams
Toplyne counts Canva, Grafana, InVideo, BrowserStack and Gather.Town among its customers
SaaS startup toplyne
has secured $15 Mn of funding in a Series A round. The round was led by Tiger Global and Sequoia Capital India.
The round also saw participation from existing investors such as Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel and Zoominfo.
The fresh capital will be used to expand the business and scale data science, engineering, product and design teams.
Founded in June 2021 by Ruchin Kulkarni, Rishen Kapoor and Rohit Khanna, Toplyne helps the sales team at product-led growth (PLG) companies convert their free users into paid ones. It counts Canva, Grafana, InVideo, BrowserStack and Gather.Town among its customers. It has a headcount of 30 and claims to have managed over 25 Mn user data.
The startup aims to solve all monetisation problems for product-led growth (PLG) businesses. Its plug-and-play product integrates with existing CRMs (Salesforce. Hubspot), product engagement platforms (Braze) and product analytics infrastructures (Amplitude, Segment) within minutes.
In a statement, the startup said it will launch a self-serve freemium product in the next quarter.
In November 2021, it reportedly secured $2.5 Mn in a seed funding round from Together Fund and Sequoia Capital’s Surge and angel investors from Freshworks, Zoominfo and Canva.
Other Deals In India’s SaaS Sector
According to a report, investment in the Indian SaaS sector soared to $4.5 Bn in 2021, an increase of 170% from 2020. The country’s SaaS market is expected to reach $30 Bn by 2025, capturing 8% to 9% share of the global SaaS market.
In March this year, B2B SaaS startup Draup raised $20 Mn (about INR 152 Cr) from US-based PE firm HKW to accelerate its AI capabilities and expand product portfolio.
In January 2022, Seattle and Pune-based contract intelligence startup Icertis raised an undisclosed amount from German-based SaaS giant SAP at a valuation of $5 Bn. Besides this, the two companies made a product partnership to deepen technological integration for clients.
In December 2021, Spry, a SaaS-based platform for the movement health industry, secured $3 Mn in a seed funding round led by venture capital fund Together Fund.
Other investors in the round included FJ Labs, VC firm of OLX cofounder Fabrice Grinda, Pareto, early-stage venture capital firm of Shutterstock founder Jon Oringer, Knowledge Capital, AngelList, Whiteboard Capital, founders of Silicon Valley-based healthcare SaaS company Innovaccer, among others.
