ChargeBee, a Chennai-based startup that helps companies manage their billing and subscription needs, has secured $5 million in Series B round led by Tiger Global. The previous backer Accel Partners also participated in the round. In January 2014, the company had secured $800,000 Series A round from Accel.
As per a TechCrunch report, the company aims to utilize the raised funds to set up satellite offices in the US, UK and Australia and also plans to “double down” on its engineering team to develop additional value-add services for customers, such as advanced analytics.
Founded in 2011, ChargeBee is the billing partner for SaaS, Subscription eCommerce and Membership Services of various sizes, globally. It counts Freshdesk, Kissflow, Soylent and VinylMePlease among its customer base, which includes companies in the U.S., Europe and Asia Pacific. Currently, it processing $100 million in annual transactions for its customers. The firm is competing with Zuora, Recurly and Chargify.