ChargeBee has closed around $800,000 in a Series A round from Accel Partners. The recent funding brings the Chennai-based billing startup's total capital to $1.17 million. This amount includes the $370,000 it had received in an October 2012 seed round, according to TechCrunch.
The new funding will be used to reinforce the US sales teams of ChargeBee. The startup will also bring in additional engineers who will work on its flagship product's next versions, the report said.
According to co-founder Krish Subramanian, the startup offers more payment options compared to its competitors.
Subramanian said: "ChargeBee differentiates as the most extensible billing solution available including more choices with our REST API and the option to use Stripe tokens instead of card."
At present, ChargeBee has about 500 paying clients from 10 different countries including the US, the UK, Canada, and Australia. The firm processes an average of $1.6 million worth of transactions every month. By the end of 2014, the billing company wants to reach the $20-million mark in monthly transactions, the report detailed.
ChargeBee was co-founded by former Zoho employees KP Saravanan, Rajaraman S, Tiyagarajan T, and Krish. The Chennai firm started in 2011, TechCrunch reported.
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