Chennai- and San Francisco-headquartered subscription, billing, and revenue management platform Chargebee has entered the unicorn club after raising $125 million in a Series G funding, co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners.
The round also saw the participation of Steadview Capital, another existing investor, per a company announcement.
Chargebee is now valued at $1.4 billion — treble that of less than six months ago.
With the fresh capital, Chargebee plans to further invest in its product to help businesses scale their subscription revenue operations seamlessly from startup to IPO. The company also announced that it will allot more for its global expansion, and key partnerships.
“Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes,” said Krish Subramanian, co-founder and CEO at Chargebee.
“Chargebee is committed to spearheading this movement towards a subscription-first world by helping our customers realize rapid value, and being an integral partner in their long-term growth journey.”
Chargebee is the subscription billing and revenue management platform that automates revenue operations of over 3000 high-growth subscription-based businesses from startups to enterprises. Its SaaS platform helps subscription businesses across verticals — SaaS, eCommerce, e-learning, IoT, publications etc. manage and grow their revenue by automating operations around subscriptions, billing, invoicing, payments, and revenue recognition and it provides key metrics, reports, and insights into their business.
Founded in 2011, Chargebee has businesses across 60 countries and counts companies like Okta, Freshworks, Calendly, and Study.com among its customers.
Chargebee had raised $55 million in its Series F funding led by Insight Partners in October last year. Tiger Global and Steadview Capital also participated in the financing.
Chargebee joins six other Indian startups that have entered the unicorn club in April so far. Of the six, the funding rounds in three — social messaging platform ShareChat, investment platform Groww, and messaging platform GupShup — were led by Tiger Global. It was also part of the funding round that turned fintech firm Cred into a unicorn this month.