Chargebee, the subscription management platform, recently revealed it has teamed up with Razorpay, India’s full-stack financial solutions firm, in order to provide subscription billing services across the country.
The collaboration confirms Chargebee’s ongoing commitment to customer growth and globalization with expanded capabilities to address complex business requirements in India and beyond.
Krish Subramanian, CEO and co-founder of Chargebee, stated:
“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. 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 nation has become one of the fastest-growing SaaS markets globally.
Indian SaaS firms are now on track to hit $30 billion in revenue by 2025.
Subscription companies are also on the rise, and recurring payments in the country having undergone transformations with the introduction of UPI AutoPay to enable e-mandate and meet the RBI guidelines passed in October of last year.
Chargebee’s collaboration with Razorpay is optimized for collecting recurring revenues across Cards, UPI mandates and Netbanking mandates, which is intended to assist merchants with offering these preferred payment options to their clients.
Chargebee is pleased about working with Razorpay, a firm that has a common goal of supporting small businesses to enhance their payments process.
Rahul Kothari, Chief Business Officer at Razorpay stated:
“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.”
Kothari added:
“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 provides subscription billing and revenue management capabilities, while managing regulatory requirements for digital invoicing, GST, TDS and the RBI’s e-mandate.
In March 2022, Chargebee introduced digital invoicing capabilities and the opion to support Tax Deduction at Source (TDS).
Rajaraman Santhanam, Chief Operating Officer and co-founder at Chargebee, noted:
“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.”
One of the main challenges for firms doing business in India has been managing the government mandate around digital invoicing compliance which became mandatory for firms with turnover over 20cr. (£2.03 million) from April 1, 2022.
Chargebee’s solutions for e-invoicing compliance and the provision to record TDS help firms navigate these requirements while enabling them to focus on other activities for the business.
With Chargebee’s most recent release, the platform assists merchants with defining and calling out taxes paid, thus helping firms expand operations without being worried about compliance.
In addition to working with partners in the area, Chargebee is working cooperatively with several companies ranging from startups to public firms.
A few clients reportedly include Freshworks, Kissflow, TVS Motor Company, Synup, and CleverTap.
