There’s a new unicorn on the block: SaaS-based enterprise subscription billing and revenue operations platform, Chargebee.
And it is riding on the back of a familiar name — On Tuesday, the Chennai and San Francisco-based company announced it has raised $125 million in its Series G financing round led by Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners.
This new round valued the company at $1.4 billion, making it the eleventh startup to turn into a unicorn in 2021 so far.
The company said its valuation saw a threefold growth since its previous financing round in October 2020 — when it had raised $55 million in its Series F round led by Insight Partners with participation from existing investors Steadview Capital and Tiger Global.
With this fresh infusion of cash, Chargebee said it will increase its investment in its global expansion.
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.
The company claimed that large global enterprises can launch subscription plans using Chargebee’s services within days and that it has a net retention rate of 150%.
Chargebee’s major competitors include Zoho, Zuora, Chargify and Aria Systems.
With this development, Chargebee now joins Gupshup, ShareChat, Groww, PharmEasy, CRED, Meesho, Digit Insurance, Innovaccer, Infra.Market and Five Star Business Finance (NBFC), all of which turned unicorn in 2021.
And that is not all. Online gambling platform Mobile Premier League, used car marketplace CarTrade and home services firm Urban Company are set to join the elite unicorn club, Entrackr had exclusively reported. Modern banking tech company Zeta is also reportedly on its path to turning into a unicorn.