Tiger Global, Accel commit $5m to India's ChargeBee
US-based Tiger Global has led a $5 million Series B round for India-based subscription billing system developer ChargeBee. Existing backer Accel also participated.
ChargeBee announced the financing on its blog. The new capital will be used to build up the company's engineering and customer services teams.
Founded in 2011, ChargeBee makes subscription and recurring billing more efficient for small and medium-sized enterprises (SMEs). Its systems allow customers to accept payments through a variety of platforms, including PayPal and WorldPay. The company has customers in 48 countries and processes $100 million in payments annually.
Accel invested $800,000 in ChargeBee's Series A round in January 2014. The firm has also backed Indian start-ups such as taxi-booking app TaxiForSure and online marketplace Flipkart, among others. Tiger Global is also active in the country's tech space. Earlier this year it led a $100 million round for e-commerce platform ShopClues and a $65 million round last year for messaging app Hike.
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