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More Power to Subscription Businesses: Pure Play Subscription Billing Provider, ChargeBee, Secures Series A Funding from Accel Partners

CHENNAI, India, January 14, 2014-- ChargeBee, a leading provider of automated Subscription Billing Platform announces a Series-A funding of $800k from Accel Partners. This funding round closed in October 2013 will help ChargeBee to accelerate growth and invest more in customer support worldwide across time zones.

ChargeBee was founded in 2011 by a group of engineers with extensive experience building business applications in Zoho. ChargeBee now delivers sophisticated recurring billing system as an abstraction layer on top of 30 plus payment gateways globally, including PayPal Payments Pro, Stripe, Authorize.Net and Braintree Payments.

Elaborating on the announcement, Mr. Shekhar Kirani, Partner at Accel Partners India said, “With subscription based business models starting to take off world wide, one needs a platform to help subscription businesses to experiment and offer different choices to its customers. ChargeBee has done a great job in creating a highly flexible platform for enabling any type of subscription use-cases and help subscription businesses grow fast.”

ChargeBee has developed a tight knit relationship with payment gateways globally to provide a robust transaction management and reconciliation framework for customers. Krish Subramanian, Co-founder and CEO, ChargeBee said, “We see many developers who integrate into Stripe and other gateways, have expansive growth and need more functionality and control which becomes a constraint quickly. We decided to streamline the process for our customers, importing the details into ChargeBee quickly and easily, to navigate the recurring revenue business with one-command-center.”

Started with a simple idea to solve a globally relevant problem for businesses, ChargeBee today has over 500 customers from more than 10 countries. With increased adoption of recurring revenue model across several business categories, ChargeBee is positioned to deliver best-in-class SaaS solution that helps drive the growth of subscription businesses globally.

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About Accel Partners

Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams in Palo Alto, California, New York City, London and Bangalore, as well as in China via its partnership with IDG-Accel.

Accel has helped entrepreneurs build over 300 category-defining companies worldwide. In India, Accel has made investments in companies such as Ace Creative Learning, Babyoye, BookMyShow, Collectabillia, EduPristine, enStage, Flipkart, FreshDesk, Forus Health, HealthcareMagic, Kirusa, Mitra Biotech, MuSigma, Myntra, Perfint, Power2SME, Probe, PropTiger, QwikCilver, SureWaves, TaxiForSure, Trivone, Vinculum and Virident.

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About ChargeBee

ChargeBee is a subscription management and recurring billing platform. Founded in 2011 by a core group of Zoho architects, the billing solution allows online businesses to manage recurring revenue on top of 30+ payment gateways worldwide. ChargeBee serves online businesses worldwide in SaaS, Subscription eCommerce and Membership Management space.

ChargeBee also provides ready integration with third party integrations like Mailchimp and facilitates data synchronization with popular accounting packages. With current focus in US and Australia, the online billing subscription company is rapidly expanding operations in Europe and APAC.

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