Chargebee, a subscription management platform based on software-as-a-service, announced on Tuesday that it had raised $250 million in a round led by Tiger Global Management and Sequoia Capital, bringing the company’s valuation to $3.5 billion.
Existing investors such as Insight Partners, Sapphire, and Steadview Capital also participated in the round.
Chargebee Technologies Pvt Ltd, the company that runs Chargebee, has raised $470 million in total. In April 2021, it raised $125 million at a valuation of $1.4 billion.
The funds will be used for product innovation and global expansion, as well as strategic corporate growth initiatives, to support the billing and revenue needs of current and future subscription businesses.
Chargebee claimed it has been witnessing a demand spike in Growing Subscription and SaaS businesses.
Quoting a UBS financial services report, Chargebee said the subscription economy will grow to $1.5 trillion by 2025, and will thus give the company an opportunity to expand its customers globally.
“As subscription offerings continue to rapidly evolve, our focus remains on providing a flexible growth engine to power, capture and understand revenue, all in real time.
This round of funding will drive innovation to empower the next generation of businesses leveraging subscription billing models to quickly start, scale and transform,” said Krish Subramanian, Chief Executive Officer and Co-Founder of Chargebee.
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