Together Fund, set up by Indian software-as-a-service (SaaS) founders; Sequoia India’s Surge accelerator programme, as well as several angel investors, also participated in the round.
The company said it will use the funds to deliver on the product roadmap, and scale up its data science, engineering, product, and design teams.
Founded in June 2021 by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, Toplyne analyses large volumes of product-usage data to identify users and accounts who have the highest intent to convert to paid subscriptions.
It enables growth teams to rapidly experiment and drive conversions through in-product nudges such as chatbots, paywalls, promotions or sales-assisted conversions.
“It’s an interesting time to be a monetization software. SaaS multiples are at all-time lows. Funding markets are drying up. Average revenue run rate (ARR) is back in vogue. SaaS companies need their free users to convert to paid plans. Toplyne fills this gap by enabling businesses to monetize their product-led growth,” Kulkarni said.
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The company raised $2.5 million as part of its seed round in November 2021. Since then, it has increased employee headcount to 30 from 13 earlier across geographies.
“We are thrilled to see how the Toplyne team and product have 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, managing director, Sequoia India.
