Chargebee nets $18 m from Insight Venture Partners

Chennai-based subscription management and recurring billing solutions provider Chargebee has secured a USD 18-million growth capital from New York-based Insight Venture Partners.

The Series C investment also saw participation from previous investors Accel Partners and Tiger Global Management, the company said in a statement today.

With this round of funding including USD 18 million from Insight Venture Partners, Chargebee has netted total investment of USD 24.7 million.

The investment marks a significant milestone in Chargebee's growth story, with the company focusing on expanding capabilities of its billing and subscription engine.

"The new growth capital will be used for investment in product R&D, sales, marketing, and growth to expand aggressively into newer markets and segments," Chargebee said.

Founded in 2011, Chargebee has scaled to support over 7,000 customers across 53 countries.

The company offers a payment gateway agnostic subscription billing solution, complementing gateways like Stripe, Braintree, PayPal, Adyen and many others.

It powers the recurring revenue engines of both B2B and B2C services across various industry verticals like SaaS, digital media, e- commerce, and IoT.

The investment will get Harley Miller, vice-president at Insight Venture Partners on the board of Chargebee.

"Worldwide, there is a strong trend in subscription businesses with innovative pricing and product bundling. Building a sustainable recurring revenue business is hard," Chargebee co-founder and CEO Krish Subramanian said.

"Our new investment will be channelised towards furthering our goal to democratise billing and subscription management, and empower teams to create customer-first subscription experiences," Subramanian added.