Chennai-based Bubblepath Inc which operates the subscription billing site Chargebee, has raised $350,000 from undisclosed angel investors in the United States, reports TechCircle. The report states that the company plans to use the capital to extend its offerings to newer markets, expand its engineering team and for marketing.
Other investors in the company include Peter Amalraj, Kiran Challa, and Ravi Raman as indicated by the company’s AngelList listing.
Launched in 2011 by a four member team (KP Saravanan, Krishnamoorthy Subramanian, Rajaraman Santhanam and Thiyagarajan T), Chargebee offers subscription billing and recurring billing solutions for online applications. The company states that businesses can automate their recurring billing , track the number of subscribers, manage trial periods and customer invoicing, send automated email notifications to customers on specific events like end of trial and subscription renewal among others, through these solutions.
The company also offers custom web hooks for specific events and claims to provide easy integration to 35 payment gateways including Ogone, PayPal, Stripe, 2Checkout.com and eWAY Australia among others.
Pricing: Chargebee offers these solutions in three different monthly packages – Silver ($49), Gold ($149) and Platinum ($249). The Silver plan allows businesses to send 200 invoices with each additional invoice at 20¢, while the Gold plan allows businesses to send 750 invoices with each additional invoice at 10¢ and Platinum plan allows businesses to send 2,000 invoices with each additional invoice at 5¢.
ChargeBee claims to be generating around 2,000 transactions per month worth $20,000, growing 25% month-on-month as of last week. It also claims to have 11 paid customers at present and is generating revenues of $500 per month, as indicated by the report.
Competitors: While we are not sure if there are any subscription billing solution providers in India, there are quite a few players outside of India (mainly US) which includes Massachusetts-based Chargify, California-based Recurly and Zuora, North Carolina-based Spreedly, and the Indiana-based CheddarGetter.