SaaS startup is in discussion Tiger Global for new round

SaaS startup Toplyne is in talks to raise a new round led by Tiger Global Management.

Toplyne is a plug-and-play platform that enables sales teams at PLG (product-led growth) companies to boost their freemium user conversion rates.

The funding binge is still going on asv SaaS firm Toplyne is in discussions to raise a new round led by Tiger Global Management. This comes just weeks after the Bengaluru-based startup raised $2.5 million in its first round of fundraising from Sequoia’s Surge, Together Fund, and other investors.

“Tiger Global is in talks to lead an $18-20 million round in Toplyne in participation with existing investors,” said one of the sources on the condition of anonymity. “The terms of the deal are being finalised which may value Toplyne at about $70 million.”

Toplyne’s funding talks add it to the list of early-stage companies like Mensa, Zepto, and Velocity that have raised back-to-back funding. Toplyne is a plug-and-play platform that allows PLG (product-led growth) companies’ sales teams to improve freemium user conversion rates. The five-month-old startup, founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, helps such companies convert leads into actual revenues by weaving activities into the product.

According to the company, over ten major SaaS companies in the early to pre-IPO stage are already using its platform. Its clients include InVideo, a video production and editing platform, and Canva, a graphic design platform.

“Toplyne has been gaining ground amongst PLG firms in the US and its scale is poised to grow multi-fold in the next two years. There is a lot of inbound interest in the company from investors but talks with Tiger have moved beyond the preliminary stage,” said the second source who also wished not to be named.

Toplyne will be another Sequoia-backed startup in which Tiger Global is looking to invest in a fresh round if this deal goes through. Progcap, BharatPe, Classplus, Kutumb, Apna, Moglix, Groww, CRED, Innovaccer, GoMechanic, Plum, and Coinswitch Kuber are among the Sequoia-supported firms that the New York-based fund has backed in 2021.

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