Subscription management platform Chargebee has become the latest startup to obtain the unicorn tag after raising $125 million in a Series-G funding.
The valuation of the Chennai-based company is currently at $1.4 billion post-investment – tripled in less than six months.
New investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners co-led the round. The round also saw the participation of Steadview Capital who has already backed the company.
With the fresh capital, Chargebee plans to further invest in its product to assist businesses scale their subscription revenue operations seamlessly from startup to IPO. The company also plans to expand its global operations and add to its partnership network.
“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.”
Founded in 2011, Chargebee is the subscription billing and revenue management platform that automates revenue operations of over 3,000 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. Chargebee provides key metrics, reports, and insights into their business.
Chargebee has businesses across 60 countries. Over 17,000 clients are using its platform, including businesses like Okta, Freshworks, Calendly, and Study.com.
In October last year, Chargebee had raised $55 million in its Series F funding led by Insight Partners. 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. Among 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.