Chargebee has raised Rs 403 crore ($55 million) in its Series F funding spherical, led by Insight Partners.
The present spherical, the largest to this point by the subscription billing startup, comes at a time when brick and mortar firms are adopting subscription fashions in their companies, following the Covid-19 pandemic.
Existing buyers Tiger Global and Steadview Capital additionally participated in the funding spherical, bringing the entire funding raised by the Chennai-based firm to this point to Rs 771 crore ($105 million).
The firm will make investments the cash to enhance its platform and develop new options to cater to firms with more and more advanced income fashions.
Chargebee introduced a Series D fundraise of Rs 102 crore ($14 million) led by Steadview Capital in August final 12 months. It additionally raised an undisclosed Series E spherical earlier in May.
Founded as a bootstrapped Software as a Service startup in 2011, Chargebee’s platform is at present used by over 2,500 firms.
The platform automates billing and income operations which can be required by subscription-primarily based companies. Practo and Freshworks are amongst its India purchasers.
The firm has additionally seen conventional companies throughout Europe, United States and India signing up for on-line subscription administration throughout the pandemic. Chargebee stated that it has processed over $three billion in income to this point.
“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,” stated Krish Subramanian, co-founder and CEO of Chargebee.
Subscription billing-primarily based product startups and companies have additionally gained traction in India in the previous couple of months.
Reliance Industries’ JioMart final week introduced the launch of app-primarily based milk subscription in varied components of the nation.
AJ Malhotra, vp of Insight Partners, stated, “Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today.”