Recurring billing and subscription management services startup ‘Chargebee’ raised $18 Mn in its Series C funding round from Insight Venture Partners, a New York-based entity. The Chennai-based startup aims to break-even profitability towards the end of the first quarter of FY 2018 – 2019.
Accel Partners and Tiger Global Management took part in the funding round along with Insight Venture Partners. The company stated that it would use this funding to improve its vicinity to customer locations and expand Chargebee globally.
Speaking to an e-Magazine, its founder Krish Subramanian said, ‘we are currently located in 50+ countries, serving over 7,000 clients. Our last investment came in March 2015, when we were a 37-member team. Currently, we have 135+ members on board, working across various locations globally. We are increasing our payment gateway services with gateway partnerships.
In simple words, we want to be the AWS of Subscription Billing’.
Founded in 2011, Chargebee so far raised $24.7 Mn. In its last round of funding (Series B) in March 2015, it raised $5 Mn.