India, US-based Chargebee raises $55m Series F

The round, which brings total funding to $105 million, was supported by a number of unspecified existing investors. The Series E earlier this year was not disclosed. Steadview Capital led a $14 million Series D last year that featured Insight and Accel Partners. Previous investors also include Tiger Global Management.

Founded as BubblePath in 2011, Chargebee provides online subscription businesses with software-as-a-service (SaaS) tools to automate invoicing, taxes, accounting, and email notifications, as well as billing and payments through gateways such as PayPal. This is said to allow businesses to rapidly move into new markets and geographies and is in use by some 2,500 companies globally.

Chargebee, which opened an Amsterdam office last year, now claims to have the largest global SaaS footprint in terms of payment, billing and tax management coverage. The company said its latest funding coincided with a global surge in the creation of new subscription services. It will use the fresh capital to develop technology that allows customers to launch more sophisticated revenue models.

"Even beyond SaaS and software, we're seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model," AJ Malhotra, a vice president at Insight, said in a statement. "The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We're excited to be partnering with Chargebee in this space."

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