Toplyne, a company specialising in sales automation solutions, has announced its decision to wind down its operations and return capital to its investors after nearly 3.5 years of running the business.
"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," the firm's co-founder Rishen Kapoor wrote on LinkedIn.
Kapoor said that there were around 30 members in the team.
"The team of 30 talented people gave their all across sales, customer success, machine learning, product, design, HR, and engineering. Our focus now is on helping our team find their next roles (if anyone is hiring, please reach out) and supporting our customers to ensure a smooth transition," he wrote.
In May 2022, the firm announced raising around $15 million in its Series A funding round led by Tiger Global and Peak XV (then Sequoia Capital India). Together Fund, Sequoia India’s Surge accelerator programme and other angel investors too participated in the round.
Founded in June 2021 by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, Toplyne specialises in helping product-led growth (PLG) businesses convert users into paying customers.
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