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Chargebee becomes unicorn startup following $125 Mn fundraise

Saransh Pandey

Intern
  • April 21, 2021
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    With this fresh infusion of cash, Chargebee said it will increase its investment in its global expansion.

SaaS-based enterprise subscription billing and revenue operations platform, Chargebee has joined the list of unicorn startup. It became possible after the Chennai and San Francisco-based company announced it has raised $125 million in its Series G financing round led by Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners.  

This new round valued the company at $1.4 billion, making it the eleventh startup to turn into a unicorn in 2021 so far. The company said 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. 

With this fresh infusion of cash, Chargebee said it will increase its investment in its global expansion. Chargebee enables SaaS, e-commerce and subscription-based businesses to manage and grow their revenue by automating subscriptions, billing, invoicing, payments processes and it also provides key reports, metrics, and insights into their subscription business. 

The company claimed that large global enterprises can launch subscription plans using Chargebee’s services within days and that it has a net retention rate of 150%. Chargebee’s major competitors include Zoho, Zuora, Chargify and Aria Systems. 

With this development, Chargebee now joins Gupshup, ShareChat, Groww, PharmEasy, CRED, Meesho, Digit Insurance, Innovaccer, Infra.Market and Five Star Business Finance (NBFC), all of which turned unicorn in 2021.  

Online gambling platform Mobile Premier League, used car marketplace CarTrade and home services firm Urban Company are set to join the elite unicorn club, according to reports. Modern banking tech company Zeta is also reportedly on its path to turning into a unicorn. 

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