Chennai and San Francisco-based enterprise software company Chargebee has announced that it has raised $125 million at a valuation of $1.4 billion.
This funding makes Chargebee the newest entrant to India’s unicorn list. Chargebee is the 11th unicorn in just four months of 2021, compared to a total of 11 unicorns in the full of 2020.
The investment round was co-led by Sapphire Ventures and existing backers Tiger Global, Insight Venture Partners and Steadview Capital.
Chargebee offers subscription billing and revenue management services to clients such as Freshworks, Calendly, Okta, and Study.com, among other subscription businesses.
The company claims that large global enterprises can launch subscription plans using Chargebee’s services within days and that it has a net retention rate of 150%.
The company, which has raised $230 million till date, now aims to target more businesses in segments such as ed-tech, OTT, and media.
The fresh infusion of funds will increase the company’s investment in its global expansion, it said.
The 2011 founded company also said that its valuation saw a threefold growth since its previous financing round in October 2020, when it had raised $55 million in its Series F round led by Insight Partners with participation from existing investors Steadview Capital and Tiger Global.
Chargebee’s major competitors include Zoho, Zuora, Chargify and Aria Systems.
Three of the company’s four founders were executives at Zoho, prior to co-founding Chargebee.
