Insight leads $18m round for India's Chargebee
Insight Venture Partners has led an $18 million Series C funding round for US and India-based financial technology company Chargebee.
Existing backers Accel Partners and Tiger Global Management also participated. It brings the company's total investment to date to $24.7 million. The capital will be applied to product R&D, sales, and marketing.
Founded as BubblePath in 2011, Chargebee offers subscription businesses a platform that facilitates recurring billing. The company automates payment processes for clients by integrating leading gateways including PayPal and managing relevant services such as invoicing, accounting, email notification, and customer management.
"Chargebee delivers a broader and deeper subscription billing management solution built for both non-technical business users as well as developers," Harley Miller, a vice president at Insight, said in a statement. "As a firm, we are long on recurring revenue businesses. Chargebee is poised to capitalize on this trend, as its solution is both robust and easy to use for [small to medium-sized businesses] and enterprise clients alike."
The company claims to have more than 7,000 customers in 53 countries. It targets B2B and B2C use cases in verticals including software-as-a-service, digital media, e-commerce and internet-of-things. Previous investment includes a $5 million round in 2015 from Accel and Tiger. Accel also led an early-stage round in 2014.
India's demonetization policy is said to be driving a surge in fintech investment in the country as companies and individual consumers increasingly transition to cashless payment methods. According to research by Accenture and CB Insights, fintech investment in the country increased almost fivefold during 2017 to $2.4 billion.
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