India Gets Its 11th Unicorn Of The Year As Chargebee Raises $125 Mn
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
India has now equaled in terms of total number of Unicorns produced last year with this year already, with eight months remaining in hand. The latest entrant to the coveted club is SaaS-based startup Chargebee after it raised $125 million in Series G round. The investment round was led by new investor Sapphire Ventures and existing investors Tiger Global, Insight Venture Partners and Steadview Capital.
With the latest round of capital infusion, Chargebee’s valuation has tripled in six months and is now pegged at $1.4 billion. Chargbee has now joined the likes of other software product companies of Indian origin such as Druva, Zoho, Postman, Freshworks and Icertis. With Chargebee joining the club, India now has a total of eleven Unicorns this year.
Chargebee will utilize this funding to expand its global footprint and further add to its partnership network. The startup also plans to further invest in their product to help businesses scale their subscription revenue operations seamlessly from startup to IPO.
Commenting on the announcement, Krish Subramanian,Co-founder and CEO at Chargebee, said, “Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes.”
“Chargebee is committed to spearheading this movement towards a subscription-first world by helping our customers realize rapid value, and being an integral partner in their long-term growth journey,” he further added.
Rajeev Dham, partner at Sapphire Ventures and the latest board member of Chargebee said, “We are thrilled to partner with Krish, Raman and the entire Chargebee team as we believe they have built a leading product in the subscription billing and revenue management space.”
Chargeebee boasts of having an extensive customer portfolio that includes brands like Okta, Freshworks,Calendly, Study.com, and thousands of other high-growth subscription businesses spanning across verticals ranging from vertical and horizontal SaaS, to D2C e-commerce, OTT Streaming, E-learning, Publishing, and others, in over 60 countries,selling to end customers across the world.