Chargebee raises $55 million to help businesses manage their billing and move to subscriptions. The company’s recent funding will help it expand to global markets and at the same time, improve the quality of its services. At present, the company is processing $3 billion in payments per year.
Details on the investment
Chargebee raised the $55 million in a Series F round led by Insight Partners. Other investors that participated in the round were Steadview Capital and Tiger Global participating. The recent funding made their total investment adding to $105 million. They plan to use the investment to provide even better subscription management and expand globally.
Chargebee is a San-Francisco and Chennai-based firm that enables businesses to integrate billing, payments, invoices and more in their services. They also allow companies to provide subscription services by managing the payments. The startup also provides different secure payment gateways like PayPal, Worldpay and more. The wide variety of payment methods allows it’s services to be used by global companies too.
The company provides several pricing options for its services. These prices depend on the complexity and size of the business and the kind of flexibility and features they wish to have. chargebee can monitor payments, generate invoices and manage businesses according to their specific needs.
The company understand the needs of businesses to generate constant revenue. This helps them to provide their subscription management services to companies. At present, the company has over 2,500 customers. The pandemic has also boosted the use of their platform and small businesses and even individuals are providing subscription services. So, the pandemic was actually beneficial for them.
Krish Subramanian, co-founder 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 best part of the startup’s service is that they don’t have to pay until they are generating adequate revenue. The company provides free service until a startup is generating $50,000 revenue and then start charging fees.
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