Cloud-based billing solutions provider ChargeBee has raised a Series B funding of $5 million from investment fund Tiger Global and Accel Partners, reports TechCrunch. The funds will go to setting up satellite offices in the US, UK and Australia while adding to the development of value-add services such as advanced analytics. The report added that the company was unlikely to raise new funding for the next two years and could turn a profit soon, but is currently focused on growth.
Note that Chargebee had previously raised $800,000 from Accel Partners in January 2014. The company had mentioned then that it would use the funding to beef up its sales teams in the US and hire more engineers to work on subsequent versions of its core product. It had also raised an angel funding of $350,000 from undisclosed investors in the US back in 2011.
What ChargeBee does:
ChargeBee’s solutions are priced at $79, $149 and $249 per month. These solutions can automate recurring billing, track 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. It provides an interface to accept payments from across 30 gateways like PayPal, Pin Payments, AmazonPayments and WorldPay among others.
The company also provides consultancy services like billing advice, payment processes etc. along with tech support. For billing and subscription, it provides a dashboard to manage data like revenues and analytics like growth graphs. Since growing companies bring more revenue to ChargeBee, the company plans to focus on high-growth startups than biggish companies.
Bootstrapping through the company’s initial 18 months, ChargeBee was founded by Krish Subramanian, CEO; Saravanan KP, CTO; Rajaraman Santhanam, Product Manager and Thiyagarajan T in 2011. It is based in Chennai where it has 37 employees. Currently, the company claims to have 500 clients from 10 countries across the globe and processes transactions of $1.6 million every month.
A YourStory report says that over 98% of ChargeBee’s SaaS and e-commerce subscription customers are based outside India. It claims to have customers in KissFlow, Healthcare Magic, TranslationProjex and The Idea Farm among others, some of which are spread across the US, Europe and Asia Pacific. These customers, the company said, process $100 million in annual transactions through ChargeBee.