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Chennai-based startup ChargeBee raises $5 mn in Series B round led by Tiger Global

ChargeBee, a startup that helps companies manage their billing and subscription needs, has reportedly raised around $5 million in Series B round led by Tiger Global. The round also saw participation from previous backer Accel, which put together ChargeBee’s $800,000 Series A round in 2014, reports TechCrunch.

ChargeBee, a startup that helps companies manage their billing and subscription needs, has reportedly raised around $5 million in Series B round led by Tiger Global. The round also saw participation from previous backer Accel, which put together ChargeBee’s $800,000 Series A round in 2014, reports TechCrunch.

Founded in 2011, ChargeBee is focused on helping startups, and particularly those in the Saas space, get more from their billing subscriptions. It counts Freshdesk, Kissflow, Soylent and VinylMePlease among its customer base, which includes companies in the U.S., Europe and Asia Pacific, ChargeBee Co-Founder & CEO Krish Subramanian told TechCrunch.

“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,” Subramanian was quoted in the report as saying.

Subramanian added in the report that ChargeBee will use the funds to set up satellite offices in the U.S., UK and Australia, although its base in Chennai will remain its primary location. The startup also plans to “double down” on its engineering team to develop additional value-add services for customers, such as advanced analytics.

ChargeBee is currently processing $100 million in annual transactions for its customers, Subramanian told TechCrunch. It plans to scale by focusing on high-growth startups, rather than larger organizations, for a number of reasons — including shorter product adoption cycles, and the fact that growing companies represent growing revenue for third-party service providers like ChargeBee. The company would be unlikely to raise new funding for another two years. He added that it could turn a profit “very soon,” but is currently focused on growth.

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