Chargebee, a recurring billing and subscription management platform, has reportedly emerged as the latest unicorn in the Indian startup ecosystem through its recent Series G funding round.
For those unversed, Chargebee has raised $125 million in its fresh Series G round, leading to its total valuation of $1.4 billion, almost a 3x increase in valuation in less than six months following the previous fundraising activity. The latest funding round was led by Sapphire Ventures and existing investors namely Insight Venture Partners, Tiger Global, and Steadview Capital.
The subscription management company has raised $230 million in funding in total to date. In October 2020, it had secured $55 million in its Series F funding round from Insight Partners, along with the participation from Steadview Capital & Tiger Global. While in August 2019, it had bagged $14 million in its Series D round from Accel Partners, Steadview Capital, and Insight Venture Partners.
The customer portfolio of Chargebee includes Calendly, Freshworks, Okta, and Study.com. The growth of the platform is spurred by its ease of use, as the onboarding can be done in less than 10 days by customers including large global enterprises. In light of the COVID-19 pandemic, it has been witnessing a rapid shift of businesses to SaaS & subscription-based models. In order to gain maximum benefits of the ongoing business transformation, it has recently added various enterprise-class capabilities such as usage-based billing and a data center for Europe.
According to Chargebee’s CEO & Co-founder, Krish Subramanian, several businesses need to rapidly respond to the evolving customer needs, market pressures, and compliance requirements in real-time. The company is committed to ensuring a subscription-1st world and making the platform a reliable system of record to help them scale their revenue process.
Apart from Chargebee, 10 startups emerged as unicorns in the Indian startup ecosystem, including Digit Insurance, Gupshup, Sharechat, CRED, Pharmeasy, Meesho, and Infra.Market.