Subscription management platform ChargeBee has raised $14 million in its Series D funding round led by Steadview Capital. Existing investors Insight Venture Partners and Accel also participated in the round.
With the infusion of fresh capital, Krish Subramaniam led company is aiming to accelerate the growth and expansion of its subscription infrastructure that let them scale their business process.
The fresh investment for ChargeBee has come after a year. Previously, it secured $18.5 million from Insight Venture Partners in March 2018 and $5 million from Accel Partners and Tiger Global in Series B round in 2015.
With the latest funding, the platform has raked in around $38.2 million in total.
Founded in 2011, ChargeBee focuses on day to day billing use cases across functions such as finance, support, sales and marketing through subscription. Chargebee helps businesses manage and grow their revenue by automating subscriptions, billing, invoicing, payments and revenue recognition processes.
Over 1,800 companies in 53 countries use products of the Chennai-headquartered company. It claims to have 7,000 clients in countries including North America, Europe, Australia.
With Zuora, Chargify and Aria systems being counted among ChargeBee’s major competitors, its customer base comprises of Freshdesk, Kissflow, Soylent, and VinylMePlease.
As the SaaS businesses are witnessing a new phase of maturity, the global SaaS market is expected to grow at a CAGR of 21% and reach a valuation of about $117 Billion by 2022, according to a report presented by Market Research Future (MRFR).
The development was reported by ET.