Software-as-a-service startup Toplyne on Tuesday said it raised USD 15 million (about Rs 115 crore) in a funding round led by Tiger Global and Sequoia Capital India.
Existing investors Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel and Zoominfo also participated in the funding round.
The company will use the fund to aggressively deliver on the product roadmap, and scale the data science, engineering, product and design teams, Toplyne said in a statement.
The company has more than doubled from 13 to 30 employees across geographies since the last round of funding.
“It’s an interesting time to be a monetisation software. SaaS (Software-as-a-Service) multiples are at all-time lows. Funding markets are drying up. Product-led growth SaaS companies need their free users to convert to paid plans. Toplyne fills this gap by enabling businesses to monetise their product-led growth,” Toplyne co-founder Ruchin Kulkarni said.
Toplyne had raised USD 2.5 million in seed round in November 2021.
“We believe Toplyne has a shot at being the global leader of this emerging category and the team at Sequoia Capital India is excited to deepen the partnership with them,” Sequoia India managing director Ashish Agrawal said.