Togai secures $3.1M seed funding to help B2B companies with lightning-fast pricing implementation
San Francisco, California
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June 06, 2023 09:00 AM Eastern Daylight Time
Togai, the B2B SaaS metering and pricing platform, announced it has raised $3.1 million in a seed round, led by Together Fund. The fund round also saw participation from other investors like BoldCap, Core91, and angel investors, including Prasanna Shankar, the Co-founder of Rippling.
Founded by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, Togai takes an innovative approach to crafting monetization tools for today’s dynamic billing and pricing landscape. Their previous venture, Hypto, a payments API platform, processed over a staggering 100 million transactions within a span of 2 years. The journey with Hypto led to the identification of critical gaps in existing billing and monetization tools. Motivated by the challenge, the founders embarked on the creation of a cutting-edge monetization stack, Togai, designed for flexibility, scalability, and rapid implementation.
According to a McKinsey study, pricing has a profound impact on a company's financial health - a 1% improvement in pricing can lead to over an 8% increase in profitability. Businesses in the B2B market are currently facing increasing churn rates, highlighting the need for tailor-made pricing models. Customers are now actively seeking pricing flexibility and customization options, which puts pressure on companies to have complete autonomy over their pricing strategies. Addressing this market gap, Togai’s plug-and-play model supports finance teams in deploying their pricing strategy while integrating seamlessly with their existing quote-to-cash systems for effortless, 'no-code' pricing alterations.
Togai enables businesses to roll out pricing changes within a matter of hours, circumventing the need for time-consuming engineering efforts. The model seamlessly integrates with existing tools (CPQ, CRM, Billing, Usage analytics, Revenue recognition), providing total visibility and ensuring synchronization across all systems and processes throughout any pricing update cycle.
Regarding the investment in Togai, Manav Garg, founding partner at Together Fund, mentioned, “As we navigate an AI-first world, 'subscribers' or 'users' are getting replaced by 'software' and 'workflows'. Simple pay-as-you-go models, while straightforward, are centered around a cost-plus pricing strategy, often overlooking the full value your product offers to customers. This evolution challenges the conventional subscription and seat-based pricing models and necessitates a comprehensive reimagining of them. Togai is addressing this need by helping SaaS companies reconstruct their pricing models from the ground up.”
Togai launched its product in beta in April 2023 with customers across dev tools, fintech, and conversational AI verticals, and is now open for public access. Their no-code usage metering solution (metering.ai) achieved 2nd place for Product of the Day on Product Hunt, with over 300 users automating their metered billing operations. Togai’s monetization marketplace, currently in beta, hosts over 10 apps and integrations, empowering users to visualize the flow, pinpoint leakages, and bridge the gaps in their entire quote-to-cash process, any engineering effort.
Commenting on Togai's product, Nikhil Nandagopal, Co-founder and CPO of Appsmith, an open-source dev tools company, said, "When we decided to launch usage-based pricing, we sought tools that provided flexibility to support different pricing models and the reliability of handling data at high volume. Togai's solution-first approach accommodated our various pricing & billing scenarios, not just for today but also for the future, fast-tracking our time-to-market from months to mere days."
Speaking about Togai’s solutions, Abhishek Rajagopal, Co-founder and CEO of Togai stated, "With Togai, SaaS companies can rapidly test and implement their pricing strategies and can go live within days instead of months. We are poised to continue our journey in building end-to-end monetization solutions for this burgeoning segment and any B2B entity seeking to implement pricing changes to drive growth and profitability. Furthermore, we are excited to expand our reach to additional territories.”
About Togai
Togai is a metering and pricing platform for B2B companies. Its solution enables businesses to quickly implement any pricing change without engineering effort. With seamless integration into existing monetization and quote-to-cash tools, Togai can help companies communicate, implement and analyze pricing changes effectively without manual effort.
To learn more about Togai, visit https://www.togai.com/
Contact Details
Togai
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
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