Since the beginning of 2021, India has seen the entry of many startups intoUnicorn‘club. Even though the country is struggling to keep up with the current pandemic crisis, many companies have the opportunity to grow enormously. Since almost everything has gone digital, many brands providing products and services through an online platform have become the latest trend.
Chargebee, a startup that helps businesses with subscription billing and revenue management, has raised $ 125 million in funding and is now valued at $ 1.4 billion, making it the 11th Unicorn of 2021 in India.
The funding round was co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, along with participation from another existing investor, Steadview Capital.
Krish Subramanian, co-founder and CEO said during a Zoom call: “The pandemic has accelerated the shift to software-as-a-service subscription models. Every business, from streaming content to e-commerce and e-learning, has been subscription-based, needs global pricing and recurring billing systems. “
With this new round of investments, the company will increase its investment in its global expansion and key partnerships. In a statement to The Hindu, Krish reported his plans on the investment received, saying: “We will increase our investment in R&D to continue building the most innovative subscription management platform, as well as our sales and marketing to better serve customers. from startups to large global companies. We will increase investment in all customer service and support functions. “
Chargebee It currently has 3,000 customers, most based in the US and Europe, including brands like Okta cloud software. Indian software companies such as Freshworks, Calendly, Linux Academy, and Japanese tech giant Fujitsu are also among them. According to the company, its revenue has doubled in the last twelve months and it currently has an estimated ARR of $ 50 million.
The company was founded in 2011 by Krish Subramanian, Rajaraman Santhanam, KP Saravanan and Thiyagarajan.