Unicorn season continues

SaaS startup Chargebee, which raised $125 million in Series G funding, tripling its valuation to $1.4 billion.

Good morning!

Yet another startup enters the unicorn club this month. And this time, it is SaaS startup Chargebee, which raised $125 million in Series G funding, tripling its valuation to $1.4 billion.

The round 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. 

Founded in 2011 by Rajaraman Santhanam, Thiyagarajan Thiyagu, Saravanan KP (CTO), and Krish Subramaniam (CEO), the San Francisco-based startup automates complex billing and revenue operation challenges that arise as subscription businesses scale into large enterprises.

Rajaraman Santhanam, KP Saravanan, Thiyagarajan Thiyagu and Krish Subramanian, Co-Founders, Chargebee [Image Credit: Chargebee Website]

The new round of funding will allow Chargebee to expand its global footprint and further add to its partnership network.

Earlier this month, PharmEasy, Groww, CRED, Gupshup, ShareChat, and Meesho also turned into unicorns, signalling brighter days for the Indian startup ecosystem. 

A NASSCOM report earlier predicted that India will have 50 unicorns by the end of 2021, but that number may be crossed even sooner. 

According to YourStory Research, the amount of funding raised and the number of deals seen in Q1’21 was the highest across the past five consecutive quarters.

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News & Updates

  • Tech Mahindra has acquired DigitalOnUS, a hybrid cloud and DevOps services provider, for $120 million to augment hybrid-cloud offerings for enterprise customers globally. Tech Mahindra had acquired 100 percent stake in the organisation.
  • Zoom announced the launch of Zoom Apps Fund, a new $100 million venture fund created to stimulate the growth of the Zoom ecosystem. Through this fund, the company will invest in portfolio companies looking to revolutionise the way Zoom customers interact.
  • Microsoft India has made the general availability of Dynamics 365 Business Central, a comprehensive business management solution for small and medium-sized businesses (SMEs) to ensure business continuity.

Before you go, stay inspired with… 

“We started the company thinking that every SaaS company should not have to build certain components themselves and we should be able to provide that API.”

Krish Subramanian, Co-founder, Chargebee

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