Chennai-based subscription billing startup, ChargeBee has secured $18.5 million from Insight Venture Partners. The round also saw the participation of existing investors including Accel Partners and Tiger Global Management.
The fresh proceeds will be used to scale up operations and to expand outreach into new markets and segments.
Previously, in 2015, Chargebee had raised $5 million from Accel Partners and Tiger Global in Series B round. It also raised $350k from private angel investors in the US. Later in early 2014, the company secured $800,000 in Series A round from Accel Partners.
With this round of funding, the platform has raised nearly $25 million so far. The latest round also marks the first investment of New York-based Insight Venture Partners in India.
“Our new investment will be channelized towards furthering our goal to normalise billing and subscription management, and empower teams to create customer-first subscription experiences within the least time,” said Chargebee co-founder and CEO Krish Subramanian.
ChargeBee was founded in 2011. It focuses on day to day billing use cases across functions such as finance, support, sales and marketing in a typical subscription business.
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The company claims to have 7,000 clients in countries including North America, Europe, Australia, and the Asia Pacific region. ChargeBee competes with several global SaaS companies manging end to end billing.
Zuora, Recurly, and Chargify are other major players in the same space. Notably, it counts Freshdesk, Kissflow, Soylent, and VinylMePlease among its customer base.
According to a March 2016 report by Google and Accel Partners India, the small and medium business in Saas space is expected to grow to at least $76 billion by 2020, from levels of roughly $24 billion in 2015.
The funding news was first reported by Mint