Chennai and San Francisco-headquartered subscription management platform Chargebee has raised $55 million in its Series F funding led by Insight Partners, per an announcement.
Existing investors Tiger Global and Steadview Capital also participated in the financing, bringing the company’s total funding to $105 million to date.
With this investment, Chargebee will enhance its product and integration ecosystem to enable these businesses to experiment and launch increasingly sophisticated revenue models, the company said in a statement.
Chargebee had raised $14 million in a Series D funding round led by London-based Steadview Capital in August last year, with participation from Insight Venture Partners and Accel.
“We believe that a steady SaaS-i-fication of the market is already underway, with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly,” said Krish Subramanian, co-founder and CEO of Chargebee.
Founded in 2011, Chargebee provides the subscription platform used by thousands of businesses across the world, from startups to large businesses like Okta, Pret a Manger, and Envoy. The product claims to automate complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises.
The company has a significant presence across North America, Europe, Asia, and Australia processing over $3 billion in revenue and servicing end-consumers in over 160 countries. It is used by over 2,500 companies globally.
“Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We’re excited to be partnering with Chargebee in this space,” said AJ Malhotra, Vice President at Insight Partners.