Chargebee Becomes a Unicorn by raising $125 million funding
By MYBRANDBOOK
The chennai based Chargebee Inc., a startup that helps enterprises with subscription billing and revenue management, raised $125 million in funding and boosted its valuation to $1.4 billion, reaching the unicorn status . Chargebee helps individuals, small and medium-sized businesses and enterprises set up, manage and automate subscriptions, billing, invoicing and payments. One of the key strengths of Chargebee is that it can help even large enterprises move to a subscription model within 10 days.
The investment will help the company to scale-up globally as customers hasten their shift to subscription-based services, The pandemic has accelerated the shift to software-as-a-service subscription models, says, Krish Subramanian, co-founder and chief executive officer, Chargebee.
Chargebee helps small and medium enterprises, from carmakers to cafe chains, automate billing, subscriptions, invoicing and payments in different geographies. Subscription models are increasingly popular as customers look for predictable, recurring revenue.
The pandemic has accelerated the shift to subscription-based billing, a market estimated to grow at 14% annually to $7.8 billion by 2025. It trend is helping the industry to implement subscription plans in different countries, roll out pricing experiments and partner with payment providers such as Stripe Inc. and PayPal Holdings Inc.
The startup’s offerings today are not limited to just billing. It also helps businesses plug revenue leakage, increase customer loyalty, expand into new categories with the backend ready and experiment with pricing plans - introducing and removing them within 30 minutes.
It supports over 100 currencies, and dozens of popular payment gateways, including Stripe, Braintree, WorldPay and PayPal, and its global tax management coverage also helps businesses expand to new markets. MakeSpace, an on-demand storage company, used Chargebee’s services to scale from four markets to 31 in one year, for instance.
The startup has amassed more than 3,000 customers, most of whom are based in the U.S. and Europe.
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