We had written about Subscription billing startup Chargebee at Let's Talk Payments in September last year. Today we interviewed CEO and Co-Founder Krishnamoorthy Subramanian (Krish). They raised another round in Series A funding of $800,000 from Accel Partners.
Can you share some details about the funding you have got recently?
The company has raised around $800,000 in a Series A funding from Accel Partners. Prior to this, it raised $370 K in October 2012, so the total funding received so far comes out to be $1.17 mn. We will use the fund to expand to new locations, and will hire more engineers.
What are the trends in this segment of Payment industry?
The customer wants more control over the subscription. Scope for such customized support will provide companies like Chargebee the breathing space in the sector where global brands like Paypal are also present, i.e. there is scope for horizontal solutions.
What is your company’s USPs?
Use of SaaS model to provide a very fast billing system, provides more choices with company’s REST API and the option to use Stripe tokens instead of card, which we call “Credit card portability”.
Who are the main competitors in this segment?
What are your Future plans?
Our big focus is on the US market. We already have a sales team there, and they are going to expand it now. By 2014, ChargeBee wants to achieve $20 million in monthly transactions. Right now, we have around 500 paying customers from 10 countries, with monthly transaction value amounting to $ 1.6 mn.
We are also looking to bring a 24*7 support system. And are working on the next versions of our startup’s core subscription billing product, so we want to hire more engineers immediately.
Chargebee, a Chennai based startup, is a simple subscription billing solution for online businesses, especially SaaS (Software-as-a-service) and retail. Chargebee was launched in 2011 by a four member team which includes KP Saravanan, Krishnamoorthy Subramanian,Rajaraman Santhanam and Thiyagarajan T, who have worked at Zoho in the past. The company provides small and emerging businesses to automate the entire billing process to run subscription services with added features like flexibility to change pricing, offer discounts and run promotions.