There’s a new unicorn on the block: SaaS-based enterprise subscription billing and revenue operations Chargebee.
And it’s riding on the back of a familiar name – On Tuesday, the Chennai and San Francisco-based company announced it had raised $ 125 million in its Series G funding round led by Sapphire Ventures and current investors Tiger Global and Insight Venture Partners.
This new round valued the company at $ 1.4 billion, making it the eleventh startup to turn into a unicorn in 2021 to date.
The company said its valuation had seen growth three times since its previous funding round in October 2020 – when it had done so raised $ 55 million in its F-Series round led by Insight Partners with participation from existing investors Steadview Capital and Tiger Global.
With this fresh infusion of cash, Chargebee said it will increase its investment in its global expansion.
Chargebee enables SaaS, e-commerce and subscription-based businesses to manage and grow their revenues by automating subscriptions, billing, invoicing, payment processes and also provides key reports, metrics and insights to their subscription business.
The company claimed that large global enterprises can launch subscription schemes using Chargebee services within days and have a net retention rate of 150%.
Chargebee’s main competitors include Zoho, Zuora, Chargify and Aria Systems.
With this development, Chargebee now joins Gupshup, ShareChat, Groww, PharmEasy, CRED, Meesho, Digit Insurance, Innovaccer, Infra.Market and Five Star Business Finance (NBFC), all of which turned into a unicorn in 2021 .
And that’s not all. Online gambling platform Mobile Premier League, CarTrade, second-hand car market and home services company Urban Company are expected to join the elite elicorn club, Entrackr just reported. Apparently, modern banking technology company Zeta is on track to become a unicorn.