Software firm raises $55 million in funding

Chargebee is a management platform for subscription-based businesses

Chennai-based software company Chargebee has raised $55 million in a Series-F funding round led by Insight Partners, a global venture capital and private equity firm investing in high-growth technology and software scale-up companies.

The current round of funding includes participation from existing investors (Steadview Capital and Tiger Global), bringing the total funding raised till date to $105 million.

“With this funding, the primary area of investment is to expand product capabilities to serve our enterprise customers, investments in sales and marketing globally and in partnerships with our over 75 global software as a service (SaaS) partners,” said Krish Subramanian, co-founder and chief executive officer of Chargebee.

Post lockdown, the firm had adapted to working remotely. “We are continuing to operate as a fully remote organisation. At this point, we are engaging employees (100) remotely without location constraints. Of this, 40% are outside India,” Mr. Subramanian told The Hindu.

In the coming days, Chargebee will continue hiring resources in the product and engineering space. The firm, which did not retrench any of its employees due to the pandemic, has rolled out a 100% coverage in ESOP (employee stock ownership plan) programme.

“Six months age we decided not to leave anyone [employees] behind and carry the team together. Everyone helped us by foregoing six months of salary revision. We rolled out a 100% coverage in ESOP program for our entire organization like we always wanted,” Mr. Subramanian said.

Commenting on the new round of funding, A.J. Malhotra, vice-president, Insight Partners, said, “Even beyond SaaS, we are 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.”

Chargebee is a subscription management platform that automates revenue operations of subscription-based business.

Its SaaS platform helps manage revenue by automating subscriptions, billing, invoicing, payments and revenue recognition processes.

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