The tech marketplace witnessed a bunch of startups and budding ventures becoming Unicorns at the beginning of 2021. Here’s another Indian startup making its mark in the club, and securing another position as a Unicorn.
Chargebee, a subscription billing, and revenue management platform, has recently raised $125 million in its series G funding round. The funding was led by new investor Sapphire Ventures, and existing investors Tiger Global and Insight Venture Partners, moreover additional investors namely Steadview Capital.
The firm was founded by Krish Subramanian Rajaraman Santhanam, Thiyagarajan, KP Saravanan in 2011. The platform is used by over 17,000 firms or companies globally involving companies like Okta and Freshworks. Additionally, startups like Calendly and Study.com. Until today, the firm has raised $230 million in funding.
The firm chargebee chennai, and San Francisco-based firm enters the Unicorn club with its new valuation of $1.4 billion, which triples its valuation in less than 6 months.
The company stated, with the raised funds, it will be increasing its investment in its global expansion, improvising chargebee api, and other key partnerships.
The Co-founder and CEO at chargebee chennai Krish Subramanian told the media- “we’ll increase our investment in R&D to continue building the most innovative, subscription management platform as well as our sales and marketing to better serve customers from startup to large global enterprises. We will increase investment in all customer service and support functions.
Later, when the media asked about the COVID-19 impact on business, then the Co-founder said- that overall the pandemic accelerated the shift to subscriptions across industries- from cars to coffee pods. He noticed that businesses like those in retail were able to shift to a subscription model in as little as 10 days. He explained further with an example- YouSign, one of the European e-signature providers, realized a massive opportunity within the notary market following the pandemic.
But with Chargebee Chennai, they were able to launch a new plan to function more precisely. It went on to account for over 15% of their revenue in just the first 2 months. He also added- Study.com realized a massive opportunity globally for e-learning.