Chargebee Inc., which operates a software-as-a-service-based subscription management platform, has raised $55 million (about Rs 403.39 crore at current exchange rates) in a Series F funding round.
This capital infusion has been led by existing investor Insight Partners, a New York-based investment firm, San Francisco-based Chargebee said in a statement. Some other existing investors also participated in the round, it said.
Chargebee didn’t disclose the identities of the other participants. But TechCrunch reported that Steadview Capital and Tiger Global had also invested in this round. This takes the total capital raised by Chargebee to $105 million.
Chargebee was set up in 2011 by Krish Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T. It has evolved from offering automating billing operations to managing end-to-end subscription workflows, including revenue operations and compliance.
The company has offices in cities including San Francisco, Amsterdam, Salt Lake City and Chennai.
It will use the capital from this Series F investment to expand its customer support and product capabilities.
“The last six months have truly challenged almost every assumption that traditional businesses were built on. Entire markets have dissolved overnight, while new ones have sprung up,” Subramanian said.
The company hasn’t disclosed any information about the Series E round. But it had raised $14 million in its Series D round, which was led by Steadview, in August last year. Accel and Tiger Global had also participated in that round.
Previously, the company secured $18 million in a Series C round led by Insight Partners in March 2018 and $5 million in a Series B round from Tiger Global and Accel in March 2015.
Chargebee is the latest startup in the SaaS segment to have raised capital in the past few months, with the Covid-19 pandemic having accelerated investor bets in the space.
Last week, sales acceleration platform SquadStack raised $5 million in a Series A round led by Chiratae Ventures, with participation from Blume Ventures. Also last month, workforce management firm Zuper secured $1.1 million in a seed round led by Prime Venture Partners.
In July, Steadview bought a minority stake in software-as-a-service unicorn Freshworks Inc. for $85 million.
