Chennai-based subscription management platform Chargebee has raised $55 Mn in its Series F funding round led by Insight Partners. Existing investors Tiger Global and Steadview Capital also participated in the funding round.
Chargebee was founded in 2010 by Rajaraman S, Thiyagarajan T, KP Saravanan and Krish Subramanian. It is an automated subscription billing software platform that integrates with payment gateways to automate payment collections, invoicing, email notifications and customer management.
In August last year, the company had raised $14 Mn in a Series D round led by Steadview Capital, Insight Venture Partners and Accels Partners. Chargebee is backed by Accel Partners, Tiger Global Management and Insight Venture Partners.
Its latest product updates enable clients to optimize revenue operations, compliance and revenue recognition. The company claims to cater to 2500 businesses across 53 countries, with three offices in the US, Salt Lake City and Amsterdam.
Krish Subramanian, cofounder and CEO of Chargebee said, “We believe that a steady SaaS-i-fication of the market is already underway, with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly.”
The company plans to invest the capital to improve its platform and develop new solutions to cater to companies with increasingly complex revenue models.