SaaS-based subscription billing and revenue operations platform for businesses, Chargebee has raised $55M in its Series F funding round led by Insight Partners with participation from existing investors Steadview Capital and Tiger Global.
In August last year, Chargebee had raised $14 million in a round led by Steadview. The fresh capital will be used by the Chennai and San Francisco-based company for product development and expansion to the global market.
While the valuation of the company remains undisclosed, several media reports pegged its valuation in the range of $500 million.
“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,” said Krish Subramanian, co-founder and CEO of Chargebee in a press release.
Chargebee enables SaaS, e-commerce and subscription-based businesses to manage and grow their revenue by automating subscriptions, billing, invoicing, payments processes and it also provides key reports, metrics and insights into their subscription business.
With a footprint across North America, Europe, Asia, and Australia, the nine-year-old firm currently processes over $3 billion in revenue and servicing end-consumers in over 160 countries. According to the company, more than 2,500 companies including Freshworks, Pret-a-manger and Study.com use its offering.
Chargebee’s major competitors include Zoho, Zuora, Chargify and Aria Systems.
This year has been quite phenomenal for SaaS startups. Several companies such as with Zeotap, Hevo Data, Postman and Squadstack have collectively raised over $200 million in 2020.
