A startup that enables businesses to set up and manage their billing, subscription, revenue operations, and compliance has become the newest firm to earn the much-coveted unicorn status.
Chennai and San Francisco-headquartered Chargebee said on Tuesday it has raised $125 million in its Series G financing round led by Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners.
The new financing round valued the 10-year-old startup at $1.4 billion, a 3x increase since the Series F around six months ago. Some other existing investors also participated in the new round, said Chargebee, which has raised $230 million to date.
If you’re a business, setting up and managing a subscription service — to ensure recurring revenue — could prove to be a complex process. You may want to offer a free 30-day trial to new potential customers. What if some customers want to move to a different pricing tier? These are some of the problems Chargebee is equipped to handle.
Chargebee helps individuals, small and medium-sized businesses, and enterprises set up, manage and automate subscriptions, billing, invoicing, and payments.
One of the key strengths of Chargebee is that it can help even large enterprises move to a subscription model within 10 days.
The industry is going through a “significant change” with businesses digitally transforming themselves and moving to the SaaS model, Krish Subramanian, co-founder, and chief executive of Chargebee, told TechCrunch in an interview. And it’s this change that has made Chargebee so vital to thousands of companies today.
Chargebee was founded in an apartment in Chennai, a city on India’s southeastern coast. Subramanian has credited reading blog posts by Joel Spolsky, founder of Trello, as an early inspiration to start his own venture.
“He was solving a very boring problem but in very interesting ways, and he used to share the story of how he is building a company,” he said in an earlier interview. “That was my inspiration that I should start my company like that. So while working at other companies we saved enough and acquired skills to start this.”News Source: Tech Crunch