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Tiger Global-backed Toplyne shuts shop on inability to achieve product-market mix

Economic TimesEconomic Times · 1y ago
Tiger Global-backed Toplyne shuts shop on inability to achieve product-market mix
Medial

- Toplyne, a sales software provider for product-led companies, is shutting down operations due to failing to achieve product-market fit. - The startup raised $15 million in May 2022 in a funding round led by Tiger Global and Peak XV Partners. - The Bengaluru-based company raised a total of $17.5 million from investors, including Girish Mathrubootham, Manav Garg, Gaurav Munjal, Harshil Mathur, Shashank Kumar, and Kunal Shah. - Toplyne's founders are Ruchin Kulkarni, Rishen Kapoor, and Rohit Khanna, with Khanna leaving the startup in March 2022. - The focus now for Toplyne is to support its team in finding new roles and ensuring a smooth transition for its customers. - Toplyne joins a growing list of startups that have recently shut down operations, including Kenko Health, Bluelearn, Koo, Nintee, and My Tirth India.

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Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 1y ago
Tiger Global-backed Toplyne shuts down operations
Medial

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.

Tiger Global plans $2.2 Bn venture fund

EntrackrEntrackr · 3m ago
Tiger Global plans $2.2 Bn venture fund
Medial

Tiger Global plans $2.2 Bn venture fund Tiger Global Management is planning to raise a smaller venture capital fund as it shifts back to its earlier investing approach. According to a Bloomberg report, the New York based investment firm is looking to raise about $2.2 billion for its new fund, a sharp reduction from the much larger vehicles it raised during the market boom. The new fund, internally referred to as PIP 17, will be similar in size and structure to Tiger Global’s earlier funds. This marks a departure from the firm’s previous two venture funds, which raised $6.7 billion and $12.7 billion respectively. In 2023, a Financial Times report said that Tiger Global Management had raised $2.7 billion for a new fund, citing filings with the US Securities and Exchange Commission. However, no further updates were disclosed after that. According to the Bloomberg report, Tiger Global said in a letter to investors that the upcoming fund will focus on a more selective investment strategy and a slower deployment pace. In 2025 so far, the firm has made nine new investments after reviewing hundreds of potential opportunities. Founder Chase Coleman and other Tiger Global insiders are expected to be the largest investors in the fund, which is scheduled to hold its first close on March 18, according to the report. The firm added that its strongest historical performance came from a smaller scale and more disciplined investment approach. In India, Tiger Global has backed only four companies namely Infra.Market, Captain Fresh, Infinite Uptime, and EatClub. Notably, all these were follow-on investments where the firm was already an existing backer. Even in 2024, Tiger Global made just two investments in Wiz Freight and Jupiter’s NBFC arm, both of which were also as an existing investor. According to Fintrackr data, Tiger Global backed over 50% of the startups that attained unicorn status in 2021. In 2022, its portfolio companies including DealShare, Oxyzo, Games24x7, Polygon, and Open also entered the unicorn ranks.

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