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Chennai: Chargebee has become the latest startup to get the unicorn tag after the software as a service (SAAS) company read about Rs.940/- crores and the valuation of of more than ₹9000 crore was post investment. Investor Sapphire ventures and existing investors like Tiger global and Insight venture partner co led this round.
With participation from the Stead view Capital which already back's the company.
The valuation of the Chennai based company which provides a subscription billing and revenue management platform, has tripled in 6 month it has raised about Rs.400 crore in October. Prior to the Chargebee's announcement on Tuesdays at least half a dozen Indian startup have already entered the unicorn club this month and about 10 since the beginning of the year.
Chargebee plans to utilize the funds to expand its global operations and its partnership network.The company said the pandemic has accelerated the already growing shift to SaaS and the subscription based business models in in cars to coffee machine.
"More than ever before businesses need the subscription revenue platform to be reliable system of record that enables them to rapidly scale their revenue processes" said Krish Subramaniam co founder of chargebee in the video conference call with Economics times and the co-founder, said the company would look at expansion extensively.
We have offices in US, Europe and kickstarted an office in Sydney we are going to double down on US and European market that positive 90% of our revenue and definitely APAC is a market that we are going to take closer look at.We are excited also about the India as the market we have a home-grown advantages also," he said.
He said the biggest opportunity is was in subscription telling as a company wins 95% of a deal it builds for the replace in house building processes.
Source: The Economic times.
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