TMT
By
SaaS firm Chargebee joins unicorn club with fundraise
Photo Credit: 123RF.com

Chargebee, which operates a software-as-a-service-based subscription management platform, tripled its valuation to $1.4 billion after raising cash as it looks to expand its global footprint, the company said on Tuesday.

The San Francisco-based company said it raised $125 million in Series G round and it expects the funding to help it grow partnerships and dive into new markets.

The funding was co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, Chargebee said, adding that another existing investor, Steadview Capital also participated in the fundraise.

With the infusion, the company has raised $230 million so far.

“With this fresh round of investments, Chargebee plans to further invest in their product to help businesses scale their subscription revenue operations seamlessly from startup to IPO,” Chargebee said in a statement.

The pandemic-driven shift to SaaS and subscription-based business models has helped companies like Chargebee grow in size. It became the latest company to join the rapidly growing list of unicorns in India.

It raised $55 million in October in a Series F funding round from Insight Partners, a New York-based investment firm, to expand its customer support and product capabilities.

Chargebee was founded in 2011 by Krish Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T.

The company, which has offices in San Francisco, Amsterdam, Salt Lake City and Chennai, has evolved from offering automating billing operations to managing end-to-end subscription workflows, including revenue operations and compliance.

Chargebee’s portfolio includes brands like Okta, Freshworks, Calendly, and Study.com.

Also Read: Post pandemic, India churns out unicorns at the blink of an eye

Leave Your Comment(s)