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Tiger Global-backed Toplyne shuts down operations

Entrackr · 1m

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.