Chargebee and Razorpay partner to bring subscription billing in India
, the San Francisco and Chennai-based subscription management platform, on Thursday announced that it has partnered with , a Bengaluru-based full-stack financial solutions unicorn, to offer subscription billing services in India.
As per the official statement, this is in line with the SaaS unicorn’s commitment to customer growth and globalisation with expanded capabilities to navigate complex business issues in India and beyond.
“We were born in India, just four friends in a small apartment in Chennai thinking of how to solve a problem, and then cut our teeth in the US and Europe working with customers of all sizes to help them start and grow businesses,” said Krish Subramanian, CEO and Co-founder of Chargebee. “We are now excited to leverage those lessons learned to service a fast-maturing SaaS ecosystem experiencing exponential growth.”
Chargebee’s expansion into India comes as the country has become one of the fastest-growing Software-as-a-service (SaaS) markets in the world.
Indian SaaS companies are expected to reach $30 billion in revenue by 2025. Subscription businesses are also on the rise, and recurring payments in India have undergone a series of transformations with the launch of UPI AutoPay to enable e-mandate and meet the RBI guidelines enacted in October 2021.
Chargebee's partnership with Razorpay is optimised for collecting recurring revenues across cards, UPI mandates, and net banking mandates, which is aimed at helping merchants provide these preferred payment options to their customers.
Speaking on the partnership, Rahul Kothari, Chief Business Officer at Razorpay, said,
“Today, India is one of the largest markets in the world for the subscription economy. Post the recent announcement of RBI regulations on Additional Factor Authentication (AFA), it has further strengthened consumer trust in online payments, thereby bringing over 900 million debit cardholders onto the subscription platform. With an intent to further grow the subscription economy, we are pleased to partner with Chargebee, a company that’s emerging to be a global pioneer in subscription payments.”
Chargebee offers subscription billing and revenue management capabilities, while also managing complex regulatory requirements around e-invoicing, GST, TDS and the RBI’s e-mandate. Last month, Chargebee launched e-invoicing capabilities and the functionality to support Tax Deduction at Source (TDS).
“By building a solution specific to the needs in the region, we are proud to offer an end-to-end billing solution that can integrate with APIs, tax services, payment gateways and more to bolster India’s booming SaaS economy,” said Rajaraman Santhanam, COO and Co-founder at Chargebee.
In addition to working with strong partners in the region, Chargebee is also working with a number of businesses ranging from startups to public companies. A few key customers include TVS Motor Company, , and ., ,