ChargeBee raises a $800k round of investment from Accel Partners
ChargeBee is a Chennai based subscription billing startup founded in June 2011 by Krish Subramanian, KP Saravanan, Thiyagarajan T and Rajaraman S. The company had earlier raised $350k from private angel investors in the US. In a new development, the company has raised $800k from Accel partners. The earlier round of funding was primarily used to improve the product and this new fund infusion will help ChargeBee to push on sales and marketing internationally.
ChargeBee primarily is a subscription and recurring billing solutions for businesses across different industries. With its plug-and-play capability, businesses can automate billing, invoicing and leverage transactional emails to improve communication with their customers. One of the TechSparks of 2012, ChargeBee has gone on to get about 500 paying customers in around 10 countries.
Starting from a free plan for freemium partners, the basic plan for ChargeBee starts at $49 per month (read more on pricing by Indian SaaS companies). “Our long term success is defined by how successful our customers are – just by pure nature of our pricing model. We track number of transactions by our customers (businesses) and ways to manage frictionless billing for their end users. This is one metric as a business to track growth of our paying customers and eventually our revenue,” mentioned Krish in an earlier interview. ChargeBee is now processing $1.6m USD per month in customer transactions at the moment. The target is to hit $20m per month in customer transaction revenues by end of the year.
With an office in Palo Alto and expanding, ChargeBee is one of the upcoming success stories of an Indian company going global along with the likes of WebEngage, Wingify, Knowlarity, etc. in the enterprise domain. ChargeBee will be doubling down efforts in North America to expand business will also be setting up local 24*7 support.