Chargebee raised Rs 403 crore

In its Series F funding round, led by Insight Partners, Chargebee has raised Rs 403 crore ($55 million).

The latest round, the largest so far by the start-up of subscription billing, comes at a time when brick and mortar firms, following the Covid-19 pandemic, are embracing subscription models in their businesses.

In the financing round, existing investors Tiger Global and Steadview Capital also took part, bringing the total funding raised by the Chennai-based company to Rs 771 crore ($ 105 million) so far.

The organization will spend the money to improve its platform and develop new solutions to cater to businesses with increasingly complex revenue models.

For subscription-based SaaS and eCommerce companies, Chargebee provides subscription and recurring billing schemes. To provide a smooth and versatile recurring billing experience for consumers and to manage customer subscriptions, it is designed with a focus on offering the best experience.

With the worldwide growth of subscription companies, each recurring revenue company requires more options and versatility to handle different use-cases of billing.

In August of last year, Chargebee announced a Series D fundraise of Rs 102 crore ($14 million) directed by Steadview Capital. An undisclosed Series E round was also raised earlier in May,

Founded in 2011 as a bootstrapped Software as a Service startup, over 2,500 companies are currently using Chargebee’s platform.

The platform automates billing and revenue operations that subscription-based companies require. Among its clients in India are Practo and Freshworks.