Subscription management startup Chargebee lands $14 million Series D funding to expand its product offerings and build an end-to-end ecosystem
With subscription businesses expanding worldwide, each recurring revenue business needs more options and flexibility to manage varied billing use-cases. Fast-growing SaaS businesses are now investing in streamlining their revenue operations to identify leakage and capture opportunities across their revenue cycle. Enter Chargebee, a subscription management platform startup frees businesses from spaghetti billing and enable them with a powerful subscription infrastructure that lets them scale their business process as they grow.
Today, Chargebee announced it has raised $14 million Series D funding round to expand its product offerings and partnerships and build an end-to-end subscription ecosystem to automate revenue operations. The round, which was led by Steadview Capital, brings the total funds raised to date to $38.2 million.
Founded in 2011 by KP Saravanan, Krish Subramanian, Rajaraman Santhanam, and Thiyagarajan T, Chargebee automates revenue operations of high-growth, subscription-based business. Its SaaS platform helps businesses manage and grow their revenue by automating subscriptions, billing, invoicing, payments and revenue recognition processes and it provides key reports, metrics and insights into their subscription business.
Used by over 1,800 companies in 53 countries using more than 120 currencies, Chargebee first became commercially available in mid-2012. It is trusted billing partner for SaaS, Subscription eCommerce and Membership Services of various sizes, globally. Chargebee’s highly skilled team delivers professional support that helps small businesses quickly implement best practices & compliance requirements.
“Enterprises and rising startups recognize the value of subscription businesses. Unlike transactional revenue models, subscriptions require companies to evaluate longer-term metrics and redefine KPIs for success,” said Krish Subramanian, co-founder, and CEO of Chargebee.
The current round of funding, led by London-based Steadview Capital, along with existing investors, Insight Venture Partners and Accel, also suggests Chargebee’s aspirations to become the dominant subscription platform for the growing European SaaS market.
“High-growth subscription businesses need the right kind of infrastructure that enables a rapid scale. Over the next few years, we believe robust subscription management platforms will become an essential layer in business tech stacks. We are very excited to partner with Chargebee in this space,” said Ravi Mehta, Founder and Managing Director, Steadview.
In June, Chargebee opened a new office in Europe to be closer to its customers in the growing market. The company followed its European expansion with a rollout of new product updates focused on optimizing revenue operations, compliance and revenue recognition.
“SaaS and subscription-based products must be customer-centric, while also maximizing profitability at scale. As the source of truth for subscription data, Chargebee is in a unique position to enable businesses with both the experience and revenue opportunities they can capture,” said Shelly Perry, Board Member from Insight Partners.
“Globally, subscription-based businesses have seen aggressive growth over the last few years,” said Shekhar Kirani from Accel. “Infrastructure platforms like Chargebee handle subscription management, billing, compliance, and revenue recognition allowing modern businesses to focus on their core competencies.”