Chargebee is a startup that specializes in subscriptions management and recurring billings solutions space and is based out of Chennai. The company has received, as part of its series C funding, an investment of $18 million and the major investor is Insight Venture Partners, based in New York. The others to have joined in this round include the existing investors, Accel Partners and Tiger Global Management.
This forms a major chunk of the total investment of $24.7 million received by the company till date. The information regarding the fresh investment has been put out by Chargebee officially.
The company has also mentioned that the funds now raised will go into expanding its business, both in terms of the product offerings and geographically and towards R&D and sales & marketing.
Chargebee was founded in 2011 by Subramanian, K.P. Saravanan, Rajaraman S. and Thiyagarajan T.
Chargebee already has an international footprint with customers from 53 countries availing its services. There are 7000 of them.
â€śChargebee delivers a broader and deeper subscription billing management solution built for both non-technical business users as well as developers. As a firm, we are long on recurring revenue businesses. Chargebee is poised to capitalise on this trend, as its solution is both robust and easy to use for SMB and enterprise clients alike,â€ť VCCircle quotes Harley Miller, vice president at Insight Venture Partners as saying.
The companyâ€™s billing and payments solutions encompass multiple payment gateways like PayPal. Stripe, Braintree, Adyen and so on. The industry verticals whether in the B2B segment or B2C use their offerings. SaaS, digital media, e- commerce and IoT are some of the verticals being mentioned.
Insight Venture Partnersâ€™ Harley Miller on the board of Chargebee.
The very business of managing subscriptions, repeat billings and payments is gaining momentum and the challenge remains sustaining a customer-centered approach. Chargebee hopes to expand its operations adopting this strategy and gaining its objectives.