Chargebee secures Rs 120 crore in Series C funding

Chargebee, a Chennai-based company offering SaaS recurring billing solutions, has secured Rs 120 crore ($18.5 million) in a Series-C round of funding led by New York-based Insight Venture Partners.

This is Insight’s first investment in an Indian startup and the venture capital firm that counts Alibaba Group, Twitter, and Shopify among its other investments.

The round also saw participation from Chargebee’s previous investors such as Accel Partners and Tiger Global Management. The proceeds of the round will go towards product R&D and sales and marketing, said Krish Subramanian, co-founder of Chargebee. With this round, the total investment in the company is Rs 161 crore.

Founded in 2011, ChargeBee, a SaaS startup, manages recurring billing services of both B2B and B2C companies across segments like SaaS, Digital Media, eCommerce, and IoT. “We’re investing in R&D. The core subscription billing and the adjacencies related to it is something we are working on,” Subramanian said.

“Proximity to the customer is something we’re heavily investing in. The majority of our customer base is North America, up to 60% and 25-30% business is from Europe and the rest from Australia, Singapore, and New Zealand. It also made sense to have a multilingual base that is able to build closer relationships with customers,” said Subramanian.

The two regions the company is looking to expand presence in are Europe and Australia where it has 2,000 and 500 customers, respectively.