“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,” cofounder Ruchin Kulkarni said on X.
It raised $15 million in May 2022 in a funding round led by Tiger Global and Peak XV Partners (then Sequoia Capital India).
The Bengaluru-based startup raised $17.5 million in total, as per data intelligence platform Traxcn. Its investors include Together Fund, set up by Freshworks founder Girish Mathrubootham and Eka Software founder Manav Garg, as well as angel investors including Unacademy founder Gaurav Munjal, Razorpay founders Harshil Mathur and Shashank Kumar as well as Cred founder Kunal Shah.
“Our focus now is on helping our team find their next roles and supporting our customers to ensure a smooth transition,” Kulkarni added.
Founded in June 2021 by Kulkarni, Rishen Kapoor, and Rohit Khanna, the company specialised in analysing large volumes of product-usage data to identify users and accounts most likely to convert to paid subscriptions.
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Khanna left the startup in March this year. Toplyne is the latest in a growing list of startups to shut operations. Insurtech startup Kenko Health, upskilling and job-search platform Bluelearn, homegrown social media app Koo, artificial intelligence-led software startup Nintee and spiritual tech startup My Tirth India have shut down operations over the last few months.