TMT
By
Steadview Capital leads Chargebee’s Series D funding round
Photo Credit: 123RF.com

Subscription management platform Chargebee has raised $14 million (Rs 100 crore) in its Series D round of funding led by London-based hedge fund Steadview Capital.

Chargebee co-founder and chief executive officer Krish Subramanian said the latest funding takes its total fundraising to $40 million.

“Steadview’s focus on long-term investments aligned beautifully with our goal of building Chargebee as the essential infrastructure for every SaaS and subscription business,” he added.

Existing investors Accel Partners and Tiger Global had also participated in the funding round.

Chargebee, which is operated by BubblePath Inc, was set up in May 2011 by Krish Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T. While Subramanian is a former Cognizant and TCS executive, the remaining co-founders worked at B2B software development firm Zoho Corporation prior to setting up Chargebee.

The San Francisco-based company has evolved from automating billing operations to managing end-to-end subscription workflows, and now to enabling revenue operations. The firm claims to processes over $2 billion of the world’s subscription revenue.

Chargebee, which has offices in San Francisco, California and Chennai, has opened new branches in Salt Lake City, Utah, and Amsterdam.

The company secured $18 million (Rs 117 crore) in a Series C investment round led by New York-based Insight Venture Partners last year in March.

It raised $5 million in a Series B round from Tiger Global and Accel Partners in March 2015.

In January 2014, it raised $800,000 from Accel Partners, and in December 2012, it secured $350,000 from US-based angel investors also participated in this round.

Steadview Capital

The investment firm makes long-term investments across several industries, with its investor pool including family offices, endowments, foundations, sovereign wealth funds and pension funds.

It has made several investments in Indian startups in recent months. 

Earlier this week, Steadview along with Ribbit Capital led an investment in BharatPe as part of the digital payments firm's Series B round of funding.  

Last week, it invested in Zenoti, a software provider to salons and spas.

Last month, VCCircle reported that Steadview appointed an Indian investment professional to advise on its local technology-related deals.

In March, it invested more than $100 million in gaming startup Dream11. In January, Steadview Capital topped up its investment in ANI Technologies Pvt. Ltd, which operates Ola.

Leave Your Comment(s)