Subscription management platform Chargebee has secured the first funding of this year. It has raised $14 Mn (INR 100.5 Cr) in series D round that was led by Steadview Capital. Existing investors Insight Venture Partners and Accel Partners also poured capital in the round.
Following the latest round, the Chennai based startup has so far raised $38.2 Mn (INR 274 Cr) through multiple rounds. The company also counts New York based hedge fund Tiger Global among its many other high profile investors.
Chargebee said that it will utilize the latest capital infusion to make its subscription management ecosystem more efficient and further improve its upscale automation.
Chargebee’s latest fundraising round is yet another proof of the steady rise of Indian SaaS startups. The funding also sums up Chennai’s emergence as the undisputed capital of India’s SaaS industry. Today Chennai is home to several prominent SaaS companies including unicorn SaaS startups like Zoho and Freshworks.
Founded in 2010, Chargebee is a subscription management platform that helps to streamline subscription billing operation. Its SaaS software offers features like recurring billing, simplifying accounting and multiple payment gateway methods among many other functions.
The company has been on a good run ever since its inception. It claims to serve 1800 businesses hailing from wide range of sectors as well as from nearly 53 countries. It also operates offices in the US and Amsterdam, with the latter operating as European headquarters.
With India’s SaaS industry expected to grow at a healthy pace, investors are leaving no stone unturned in warming up to Indian SaaS startups. According to an estimate, India’s SaaS industry is expected to grow at roughly 36 percent per annum to reach market value of $ 3.3-3.4 by 2022. In fact, some analysts claim that India may become SaaS hub of the world by 2025.
