[Funding alert] SaaS startup Chargebee raises $55M led by Insight Partners, Steadview Capital, Tiger Global
, a San Francisco-based SaaS startup, on Tuesday announced that it raised $55 million in its Series F funding round led by Insight Partners, along with Steadview Capital and Tiger Global.
Chargebee will use the fund to enhance its product and enable businesses to transform from small businesses to enterprises by experimenting with new revenue models. With the latest round, the startup has so far raised a total of $105 million in funding.
“Even beyond SaaS and software, we’re seeing a global movement where businesses — from cars to coffee pods — are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses to this degree of adaptability is paramount today,” said A J Malhotra, Vice President at Insight Partners.
Chargebee founders KP Saravanan, Krish Subramanian, Rajaraman Santhanam, Thiyagarajan T
Founded in 2011 by four friends — Rajaraman, Thiyagu, Saravanan KP(CTO), Krish Subramaniam (CEO) — Chargebee’s product automates complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises, and also provides key reports, metrics, and insights into the subscription business.
In fact, the SaaS startup also enables businesses to rapidly move into new markets, geographies, and recurring business models. Chargebee is used by over 2,500 companies globally, including businesses like, Pret-a-manger, and Study.com.
“We believe that a steady SaaS-i-fication of the market is already underway with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly,” said Krish Subramanian, Co-founder and CEO, Chargebee.
Chargebee’s current round of financing coincides with the global surge in businesses from startups to enterprises deploying subscription services.
Shelley Perry, Board Member and Advisor to Chargebee said, “As businesses scale, and especially in the context of recent global events, the need to be adaptive and flexible becomes critical. Solutions like Chargebee, let businesses leverage these changes into growth opportunities by making it easy for them to plan, deploy, and roll out revenue and business model changes.”