Enterprise Tech Startup Chargebee All Set to raise $150 Million Funding; To Attain Unicorn Status
News reports have suggested that enterprise tech startup Chargebee is all set to raise $150 million funding at a valuation of $1.4 billion. The company is said to be raising the capital from a US-based investor along with existing backers Tiger Global, Steadview Capital and Insight Partners also participating in the round.
Founded in 2010 by Rajaraman S, Thiyagarajan R, KP Sarvanan and Krish Subramanian, Chargebee is based in Chennai. The company offers an automated subscription billing management platform that integrates with payment gateways to seamlessly automate collections from customers, send invoices and notifications, real-time analytics and customer management.
The startup has so far raised a total of $105 million across multiple rounds. The company had raised $55 million in Series F funding at a $500 million valuation led by Insight Partners, Tiger Global and Steadview Capital. In August 2019, Chagebee had raised $14 million in series D round led by Steadview Capital, Insight Venture Partners and Accel Partners.
If the deal comes to fruition, Chargebee would become the third SaaS unicorn startup from Chennai, after Zoho and Freshworks. It would also become the fifth SaaS startup from India.
India’s SaaS startups have caught investor attention in a big way in the past year. Horizontal SaaS alone accounts for $8.7 Bn opportunity, as reported, and the number of unicorn startups in this sector have grown by a magnitude in the past two years. So far over $2.8 Bn has been raised by enterprise tech startups since 2014.
After Pune-based Icertis and Druva joined the unicorn club in 2019, Postman and Zenoti followed in 2020 amid the pandemic.