Chargebee, the leading subscription billing and revenue management platform (in SaaS space), is the latest start-up from the city to enter the Unicorn club after it was valued at $1.4 billion following a fresh round of $125 million in series G funding. The other Unicorns from Chennai are Zoho and Freshworkks (both in the SaaS space).
The latest round of funding for Chargebee was co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, along with participation from another existing investor, Steadview Capital.
The funding will allow Chargebee to expand its global footprint and further add to its partnership network. Chargebee is now valued at $1.4 billion, which triples its valuation in less than six months, said a press release.
Chargeebee has an extensive customer portfolio that includes brands like Okta, Freshworks, Calendly, Study.com, and thousands of other high-growth subscription businesses spanning across verticals ranging from vertical and horizontal SaaS to D2C e-commerce, OTT streaming, e-learning, publishing, and others, in over 60 countries, selling to end customers across the world.
With this fresh round of investments, Chargebee plans to further invest in their product to help businesses scale their subscription revenue operations seamlessly from startup to IPO. The company also announced that it will be increasing its investment on its global expansion, and key partnerships, the release said.
Chargebee is the subscription billing and revenue management platform that automates revenue operations of over 3000 high-growth subscription-based businesses from startups to enterprises. Its SaaS platform helps subscription businesses across verticals - SaaS, eCommerce, e-learning, IoT and Publications.
It manages and grows their revenue by automating operations around subscriptions, billing, invoicing, payments and revenue recognition and it provides key metrics, reports and insights into their business, the release said.
Interestingly, in April, nearly half a dozen Indian start-ups, including Pharmeasy and Meesho, raised $1.55 billion to enter the Unicorn club. At present, there are 47 Indian start-ups valued at $1 billion or more, and Paytm is the most valuable start-up at $16 billion, according to the Venture Intelligence data.