Cloud-based billing solutions provider ChargeBee has secured Rs 120 crore ($18.5 million) in a Series-C round of funding led by New York-based Insight Venture Partners along with existing investors such as Accel Partners and Tiger Global Management.
With the latest round, the Chennai-based company has so far raised nearly $25 million, making it one of the best-funded product start-ups in the country. In 2015, Chargebee had raised $5 million from Accel and Tiger.
The funding round is also Insight’s first investment in an Indian startup. The venture capital firm counts Alibaba Group, China’s JD.com, Twitter, and Shopify among its other investments.
According to a report on Mint, Chargebee co-founder and CEO Krish Subramanian said that the start-up would use the funds for increased investments in business expansion in its key markets like North America and Europe, sales and marketing efforts, and research & development.
What ChargeBee does
ChargeBee’s solutions are priced at $99, $299 and $599 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 the end of trials 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 focuses on high-growth startups than biggish companies.
A 2015 YourStory report said that over 98% of ChargeBee’s SaaS and e-commerce subscription customers are based outside India.