New Delhi: Toplyne, the SaaS startup funded by Tiger Global, has shut shop permanently two years and six months after its inception. The company hasn’t achieved a product-market fit and this has prompted it to call it quits, said in a statement citing a social media post by co-founder Ruchin Kulkarni. Toplyne couldn’t scale even after strenuous efforts and the founders had no other option but to return capital to investors.
Founded in June 2021 by Ruchin Kulkarni, Rishen Kapoor, and Rohit Khanna, Toplyne aimed to enable businesses to convert free users into paid subscribers based on usage data of the products. During its existence, the startup reportedly obtained a total of $17.5 million, with an additional, more recognizable funding round of $15 million from Tiger Global and Peak XV Partners in May 2022.
Rishen Kapoor expressed gratitude to the entire team, customers, and investors for supporting them at every step of the journey. He acknowledged the learnings that have been taken through all the experiences and said that more insight would be shared in the future as well. It is committed also to supporting 30 employees to find new avenues for themselves during this transition.
In recent months, Toplyne has emerged as the latest startup to join a list of shut-down operations, besides Kenko Health and Bluelearn, which reflects the very difficult environment for most tech companies in India.
