Chennai-based ChargeBee, a startup which helps comapnies and bigger enterprises manage their subscription and billing services, has secured a $5 Million Series B round, led by Tiger Global.
The fresh round also saw participation from its previous backers, Accel Partners, who helped the company close a $800K Series A round earlier.
Krish Subramanian, who co-founded the company in 2011, says that they will be using these funds to set up satellite offices in the U.S., Europe and Asia Pacific. Howeverr, their headquaters in Chennai will continue to remain as their primary base of operations.
ChargeBee offers subscription and recurring billing solutions to businesses across different industries. With its plug-and-play capability, businesses can automate billing, invoicing and leverage transactional emails to improve communication with their customers.
The startup currently claims to be precessing over $100 Million worth of transactions annually.
Billing is an amazing opportunity for conversation with customers but also a point of friction if not done well. In a subscription based business model it becomes crucial to deliver amazing customer experience in billing as much as your product and we focus on delivering this on top of global payment gateways like Stripe & Braintree
ChargeBee’s focus however, is more towards helping emerging startups, rather than going after bigger companies. The startup counts Freshdesk, Soylent ,VinylMePlease and others among its customer base, which includes companies in the U.S., Europe and Asia Pacific.
The company offers a comprehensive dashboard of sorts, to companies who use its platform for managing their billing and subscription services. The dashboard lists each and every details, be it monthly revenues, monthly subscriptions, daily average revenues etc. The same dashboard also offers companies, an insight into how they performed in a month earlier, giving a comprehensive growth graph for comparison.
This investment by Tiger Global, is one of many major investments, which the firm has made within Indian startups. It recently infused funds into e-commerce venture ShopClues, along with a $4 Million fund to news digest app, News in Shorts.
Updated with statement from the founder.