Indian SaaS companies are expected to reach USD 30 billion in revenue by 2025, according to Chargebee. The company stated that subscription businesses are also on the rise and recurring payments in India have undergone a series of transformations with the launch of UPI AutoPay to enable e-mandate and meet the RBI guidelines enacted in October 2021.
Razorpay’s company officials stated that the recent announcement of RBI regulations on Additional Factor Authentication (AFA) has further strengthened consumer trust in online payments, thereby bringing over 900 million debit cardholders onto the subscription platform. Razorpay’s expertise in building tech-first solutions for businesses paired with Chargebee’s expertise would enable them to collectively create a 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. In March 2022, Chargebee launched e-invoicing capabilities and the functionality to support Tax Deduction at Source (TDS). The partnership with the Indian fintech is optimised for collecting recurring revenues across Cards, UPI mandates, and Netbanking mandates, and aimed at facilitating merchants provide these preferred payment options to their customers.
One of the challenges for companies doing business in India has been managing the government mandate around e-invoicing compliance that became compulsory for businesses with turnover over GBP 2.03 million from 1 April 2022, according to the press release. Chargebee's solutions for e-invoicing compliance and the provision to record TDS facilitate companies navigate these requirements while allowing them to focus on other value-adding activities for the business.
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