Subscription-based businesses are booming. It’s no surprise when you take into account the on-and-off lockdown restrictions that have kept most people at home over the last two years. Business owners across industries have had to upend their traditional modes of operation to accommodate an increasingly online consumer base.
But, with this rapid increase in new customers, how are subscription-based businesses handling their own operations? Especially when it comes to complicated internal processes like billing and payroll, a boom in business can result in chaos behind the scene. Enter Chargebee. Founded in 2011, the platform was built with the intent to resolve common infrastructure issues that weigh down subscription-based businesses.
After raising $125 million and cementing its status as a unicorn in April of last year, the company is already receiving another fresh investment to support its growth.
The fintech giant announced Tuesday that it raised $250 million in fresh financing. The round was co-led by two of the biggest names in the VC world, Tiger Global and Sequoia Capital.
“As subscription offerings continue to rapidly evolve, our focus remains on providing a flexible growth engine to power, capture and understand revenue, all in real time,” Krish Subramanian, co-founder and CEO of Chargebee, said in a statement.
The revenue operations platform aims to replace legacy solutions that handle the complex parts of revenue intelligence. Chargebee’s primary product provides customers with a real-time view of their revenue and user behavior. It recently expanded its product suite to include support for tax-compliant one-time payments, and the company also added updated integrations with enterprise resource planning tools like Netsuite and Microsoft Dynamics.
The company’s client list consists of over 4,000 subscription-based businesses, from small startups to massive enterprises. The company serves some of the biggest names in tech, including companies like Freshworks, Calendly and Doodle.
Chargebee will use the funds acquired from its latest raise to support product innovation and scale globally. The company recently opened new offices in Australia and India. It is now hiring for 17 open positions at its U.S. headquarters in San Francisco. Those available span the company’s marketing, sales and product teams, to name a few. A handful of positions have the option to work remote.
Chargebee has raised $470 million in venture capital financing to date, according to the company.
Additional investors Insight Partners, Sapphire and Steadview Capital also participated in the raise, among others.
