Chargebee, a startup that helps enterprises with subscription billing and income administration, raised $125 million in funding and boosted its valuation to $1.4 billion, reaching so-called unicorn standing for the primary time.

The spherical was led by current traders Tiger International and Perception Enterprise Companions and new backer Sapphire Ventures, together with participation from earlier investor Steadview Capital. The infusion will assist the corporate scale globally as clients hasten their shift to subscription-based providers, Chargebee mentioned in an announcement on Tuesday.

“The pandemic has accelerated the shift to software-as-a-service subscription fashions,” Krish Subramanian, co-founder and chief government officer, mentioned throughout a Zoom name. “Each enterprise from streamed content material to e-commerce to e-learning has grow to be subscription-based, wants international pricing and recurring billing methods.”

Subramanian and three buddies based the enterprise in Chennai, India, in 2011 and have since gone international. The CEO relies in Amsterdam and the startup is formally included within the U.S., although most of its operations and the opposite three founders stay in India.

Chargebee helps small and medium enterprises, from carmakers to cafe chains, automate billing, subscriptions, invoicing and funds in numerous geographies. Subscription fashions are more and more common as clients search for predictable, recurring income. The pandemic has accelerated the shift to subscription-based billing, a market estimated to develop at 14% yearly to $7.8 billion by 2025, based on consultancy MarketsandMarkets Analysis.

Chargebee has about 3,000 clients, together with residence automation firm Ecobee and sandwich chain Pret A Manger. It helps them implement subscription plans in numerous international locations, roll out pricing experiments and companion with fee suppliers comparable to Stripe and PayPal.

“We need to shortly scale to 30,000 shoppers within the coming years and drive innovation,” co-founder and Chief Working Officer Rajaraman Santhanam mentioned, talking on the identical videoconference name.

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