The funding spree continues. SaaS startup Toplyne is in talks to raise a new round led by Tiger Global Management, according to three people aware of the development. This comes just weeks after the Bengaluru-based company recently raised its maiden funding round of $2.5 million from Sequoia’s Surge, Together Fund and others.
“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 is a plug-and-play platform that enables sales teams at PLG (product-led growth) companies to boost their freemium user conversion rates. Launched by Rishen Kapoor, Ruchin Kulkarni and Rohit Khanna, the five-month-old startup helps such companies convert leads into actual sales by stitching actions into the product.
According to the company, its platform is already being used by over 10 leading SaaS companies across early to pre-IPO stage companies. Video production and editing platform InVideo and graphic design platform Canva are its clients.
“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.
Tiger Global declined to comment on the story. Queries sent to Toplyne and Sequoia did not elicit an immediate response. We’ll update the post in case they do.
Even as the talks have moved beyond a preliminary stage, the terms of the deal may change.
If this round goes through, Toplyne will be another Sequoia-backed startup in which Tiger Global is looking to pump in a new round. The New York-based fund has backed several Sequoia-funded startups in 2021 including Progcap, BharatPe, Classplus, Kutumb, Apna, Moglix, Groww, CRED, Innovaccer, GoMechanic, Plum and Coinswitch Kuber.
Besides institutional investors, Toplyne is also backed by angel investors including Kunal Shah, Shashank Kumar and Harshil Mathur and Gaurav Munjal.