Chargebee, the leading subscription management platform, announced a partnership with Razorpay, India’s leading full-stack financial solutions company, to offer subscription billing services in India. The partnership highlights Chargebee’s commitment to customer growth and globalization with expanded capabilities to navigate complex business issues in India and beyond.
“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,” Krish Subramanian (CEO and co-founder of Chargebee), said. “We are now excited to leverage those lessons learned to service a fast-maturing SaaS ecosystem experiencing exponential growth.”
Chargebee’s expansion into India comes as the country has become one of the fastest-growing SaaS markets in the world. Indian SaaS companies will reach $30 billion in annual revenue by 2025. Subscription businesses are on the rise. Recurring payments in India have been subject to a series of transformations, including the launch of UPI AutoPay. This enabled e-mandate as well as meeting the RBI guidelines that were enacted in October 2021. 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 is thrilled to partner with Razorpay. Razorpay has the common goal of helping small businesses streamline their payments.
Referring to the partnership Rahul Kothari is Razorpay’s Chief Business Officer., “Today, India is one of the largest markets in the world for the subscription economy. It has increased consumer trust in online payments and brought over 900m debit cardholders on board to the subscription platform, thanks to the RBI regulations regarding Additional Factor Authentication. 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.”
Chargebee offers subscription billing and revenue management capabilities, while also managing complex regulatory requirements around e-invoicing, GST, TDS and the RBI’s e-mandate. Last month, Chargebee launched e-invoicing capabilities and the functionality to support Tax Deduction at Source (“TDS”).
“By building a solution specific to the needs in the region, we are proud to offer an end-to-end billing solution that can integrate with APIs, tax services, payment gateways and more to bolster India’s booming SaaS economy,” Rajaraman Santhanam (Chief Operating Officer, Chargebee co-founder).
Companies doing business in India face many challenges. One is managing the government mandate regarding e-invoicing compliance. This became mandatory for businesses with a turnover of more than 20cr. The deadline for e-invoicing compliance is April 1, 2022. Chargebee’s out-of-the-box solutions for e-invoicing compliance and the provision to record TDS help companies easily navigate these requirements with ease while allowing them to focus on other value-adding activities for the business. With Chargebee’s latest release, the platform helps merchants clearly define and call out taxes paid, thereby helping companies grow without being concerned about compliance.
Chargebee works with many businesses, from start-ups to large corporations. Some of the key customers are Freshworks, Kissflow and TVS Motor Company. Synup and CleverTap are also among them.