Subscription and revenue management platform Chargebee is the latest startup to make a entry in the coveted unicorn club. The Chennai and Sans Francisco based startup announced on Tuesday that it has raised $125 Mn in series G round at a valuation $1.5 Bn. New investor Sapphire Ventures spearheaded the funding round while existing investor Tiger Global, Insight Partners and Steadview Capital also participated in the round.
Tiger Global’s participation in the round reasserts its status as the most the aggressive investor in India’s startup industry. This year the New York based hedge fund major has helped in propelling nearly 6-7 startups to the unicorn club and has now equally played a role in delivering India’s 11th unicorn for the current year. 11 unicorns, by the way, is an impressive number given that last year India saw exact number of unicorns for the entire year of 2020.
Here is a complete list of 11 unicorn startups (2021)
- Digit Insurance
- Five Star Business Finance
Chargebee saw its valuation nearly tripled since its last funding nearly six months back, when its valuation hovered around $500Mn.
Like all startups, Chargebee hasn’t openly disclosed its revenue and growth numbers. But the SaaS startup claims that its net revenue stands at impressive 140%-150% and its revenue is growing at around 100% on-year-year basis.
Chargebee has had a quintessential startup journey, starting its initial days from the humble Chennai room it eventually managed to build a billing subscription product that is resonating with the clients as well as the investment community. The startup actually helps companies to grow their revenue by proficiently handling their billing subscriptions.
Chargebee’s newly adorned unicorn crown has further increased the presence of SaaS startups in India’s venerated unicorn club. The club is teeming with SaaS startups like Freshworks, Zenoti, Postman, Druva and Zoha.