Chennai-based subscription management platform Chargebee has raised $125 Million in series G funding, co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners. Existing investor Steadview Capital also participated in the round.

With this round, Chargebee has become the latest unicorn in the Indian startup ecosystem. The round valued the company at $1.4 billion, which is triple the valuation in less than 6 months after its previous fundraising.

Chargebee has raised a total of $230 million in this round. Previously it has raised $55 Million in its Series F funding round led by Insight Partners the last year in which Tiger Global and Steadview Capital participated. Steadview Capital, Insight Venture Partners, and Accel Partners led a $14 million Series D round in August 2019.

Chargebee is a subscription management and recurring billing tool that helps SaaS and SaaS-like businesses streamline revenue operations. Chargebee integrates with the world's most common payment gateways, including Stripe, Braintree, PayPal, and others, to automate recurring payment collection, invoicing, taxes, billing, email alerts, SaaS Metrics, and customer management.

More than 3,000 customers use the SaaS app, which helps subscription-based companies simplify revenue operations.

Access management company Okta, Freshworks, Calendly, and Study.com are a few among Chargebee's clients. Chargebee's success has been fueled by its ease of use as a revenue enabler for subscription businesses: onboarding can be completed in less than ten days – including for major global enterprises.

From cars to coffee shops, the global pandemic has intensified the already-growing transition to SaaS and subscription-based business models. According to the firm, demand for shifting into a recurring revenue stream is projected to rise at a 17.5 percent CAGR over the next five years.

The subscription billing and revenue management platform recently introduced enterprise-class features such as usage-based billing and a dedicated data center for Europe, while consistently ranking #1 among all finance items in consumer reviews on sites like G2.

“Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes,” says Krish Subramanian, co-founder, and CEO at Chargebee.

“Chargebee is committed to spearheading this movement towards a subscription-first world by helping our customers realize rapid value, and being an integral partner in their long-term growth journey,” he added.

With the addition of Chargebee, the Indian tech ecosystem has now seen ten startups enter the unicorn club in just the first four months of 2021. Fintech companies Digit Insurance, CRED, and Groww, as well as vernacular social media network Sharechat, messaging tech startup Gupshup, social commerce startup Meesho, health tech business Innovaccer, online pharmacy Pharmeasy, and B2B marketplace Infra.Market, make up the list of newbie unicorns.

In 2018, the predicted data shows that India will have 100 unicorns by 2025, but considering the current situation, which already has 52 startups on the list, it's very likely that India will surpass this amount (100 unicorns) by 2023.