Chargebee brings its solution to Indian businesses
CHENNAI: Indian enterprises can now enjoy Chargebee’s global revenue management product. Subscription management platform Chargebee has partnered with payments major Razorpay to offer their billing management services in the Indian market.
Chargebee’s expansion into India comes at a time when SaaS and subscription based businesses are growing in the country, and Indian SaaS companies are expected to reach $30 billion in revenue by 2025. Recent RBI guidelines around streamlining recurring payments in India and the transformations with the launch of UPI AutoPay have further aided Chargebee’s decision to enter the market.
Starting April 1, 2022, businesses with turnover over Rs. 20 crore come under the e-invoicing ambit , thus offering a larger market to Chargebee’s solutions in India. Chargebee’s partnership with Razorpay is optimized for collecting recurring revenues across Cards, UPI mandates and Netbanking mandates, which is aimed at helping merchants provide these preferred payment options to their customers.
Chargebee wil offer Indian enterprises their subscription billing and revenue management capabilities, and additionally also help them manage regulatory requirements around e-invoicing, GST, TDS and the RBI’s e-mandate.
Chargebee launched e-invoicing capabilities and the functionality to support TDS last month. “We were born in India, just four friends in a small apartment in Chennai thinking of how to solve a problem, and then cut our teeth in the US and Europe working with customers of all sizes to help them start and grow businesses,” said Krish Subramanian,co-founder and CEO, Chargebee.
“We are now excited to leverage those lessons learned to service a fast-maturing SaaS ecosystem experiencing exponential growth. The Indian market is now ready for the subscription economy and we feel we have the right product and it is the right time to offer our solution,” he added.
“Today, India is one of the largest markets in the world for the subscription economy. Post the recent announcement of RBI regulations on Additional Factor Authentication (AFA), it has further strengthened consumer trust in online payments, thereby bringing over 900 million debit cardholders onto the subscription platform.
With an intent to further grow the subscription economy, we are pleased to partner with Chargebee, a company that’s emerging to be a global pioneer in subscription payments. Razorpay’s expertise in building tech-first solutions for businesses paired with Chargebee’s expertise would enable us to collectively create a stronger and a more robust financial backbone for subscription-based businesses in the country,” Rahul Kothari, chief business officer, Razorpay said.
Chargebee said it already has around 70 customers in India, and has already offered its product to a few key clients including Freshworks, Kissflow, TVS Motor Company, Synup, and CleverTap. With Chargebee’s integration with Razorpay, the product will now support UPI AutoPay and e-mandates that support debit cards, credit cards, and net banking.