Cloud Billing Startup ChargeBee Secures Funding From Accel Partners
by Tilak Devadiga
Chennai based ChargeBee Technologies has raised $800000 from Accel Partners to increase its sales and marketing efforts internationally and hire engineers for further product development, says Yourstory.
In late 2012, the company had received $350,000 from undisclosed US angel investors for developing its product.
Founded in June 2011 by Krish Subramanian, KP Saravanan, Thiyagarajan T and Rajaraman S the company provides subscription and recurring billing solutions for online businesses, especially SaaS and retail. Krish has worked in the software and services industry whereas the remaining 3 have over a decade experience in product management from Zoho.
ChargeBee enables users to set price plans, create promotional coupons, and generate email notifications. Currently with a base of 500 paying customers spread across 10 countries the startup aims to reach $20 Mn worth transaction by year end from the current $1.6 Mn.
The revenue model of the company that counts FreshDesk, Healthcare Magic, Boxtv.com among its clients, is based on the number of invoices generated. It has partnered with 30 payment gateways like Braintree, Stripe, and authorize.net and also supports 2checkout.com, a PayPal alternative for Indian businesses.
With cloud billing market expected to reach $9.58 billion in 2018 from $2.4 Bn in 2013, a CAGR of 31.9%, ChargeBee and other peers like WebEngage, Wingify, Knowlarity may see a high likelihood of acquiring customers in India.
Recently, digital payments service provider Citrus Pay had raised $2 Mn from Sequoia.