Subscription-based software-as-a service (SaaS) platform ChargeBee has raised $250 million in a recent funding spherical co-led by Tiger International and Sequoia Capital. The funds had been raised at a valuation of $3.5 billion, a big leap from the corporate’s $1.4 billion valuation final yr.
The recent funding comes at a time when subscription-based companies are making inroads in typical sectors and enterprises are modernising their technological infrastructure.
ChargeBee’s cumulative fundraise stands at $470 million. The corporate final yr raised $125 million at $1.4 billion valuation. The funding spherical had additionally seen participation from current buyers, together with Perception Companions, Sapphire and Steadview Capital.
“As subscription choices proceed to quickly evolve, our focus stays on offering a versatile progress engine to energy, seize and perceive income, all in actual time. This spherical of funding will drive innovation to empower the subsequent era of companies leveraging subscription billing fashions to rapidly begin, scale and remodel,” stated Krish Subramanian, CEO and co-founder of Chargebee.
Based in 2011 by Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T, ChargeBee handles income operations and consumer funds of subscription-based companies. It has expanded its operations to Australia and India, moreover the US.
The corporate stated that it plans to make use of the brand new spherical of funding in the direction of product innovation and international growth to assist the billing and income wants of present and future subscription companies, in addition to strategic company progress initiatives.
“This funding strengthens our mission to resolve infrastructure points dealing with high-growth subscription companies with a product roadmap targeted on changing in-house techniques orchestrating the advanced elements of income intelligence like billing and funds,” it stated in a press release.
Sequoia Capital MD Tejeshwi Sharma stated that each firm will likely be a subscription firm sooner or later. ”Chargebee is the main income administration associate for the subscription economic system. Sequoia’s funding displays the rising market want and perception within the Chargebee workforce,” he added.