Digital adoption platform Whatfix nets $100 million in Primary & secondary Funding round
Bengaluru based SaaS driven digital adoption solution provider startup Whatfix has secured nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this the startup company has marked its first funding round in the last three years.
The regulatory filings with the Registrar of Companies showed that, the managerial board of Whatfix has revealed a resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs.2,24,788.44 per share to raise Rs.296.74 crore in primary capital.
According to the filings, along with this, the funding round also included secondary funding worth nearly Rs.530 crore. The company has planned to utilize the fund to expand and grow the business.
According to the startup intelligence platform TheKredible, Whatfix is valued at approximately Rs.6,871 crore, or $820-830 million post-money. The company had previously raised over $140 million before this new funding round.
In June, an esteemed media house informed Whatfix was in discussions to raise a new round, which would involve partial exits for early investors Helion Venture Partners and Eight Roads Ventures. Following the latest allotment, SoftBank increased its stake to 15.51%, while Warburg Pincus' Sweet Nectar Investments acquired an 8.94% stake in the company, including shares from the secondary transaction.
The company was established by Khadim Batti and Vara Kumar, Whatfix offers in-app guidance and performance support for web applications and software products. Its tools are designed for large companies and organizations, enabling more efficient use of their apps by the workforce.
In FY23, Whatfix saw a 65.7% increase in revenue from operations, reaching Rs.285 crore, though its losses also grew by 31.2% to Rs.328 crore. Notably, the company generated all its revenue from international markets, including the America, Europe, Asia-Pacific, and the Middle East, with 61% of revenue coming from the US, followed by Europe. The company has yet to disclose its FY24 financial results.
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The regulatory filings with the Registrar of Companies showed that, the managerial board of Whatfix has revealed a resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs.2,24,788.44 per share to raise Rs.296.74 crore in primary capital.
According to the filings, along with this, the funding round also included secondary funding worth nearly Rs.530 crore. The company has planned to utilize the fund to expand and grow the business.
According to the startup intelligence platform TheKredible, Whatfix is valued at approximately Rs.6,871 crore, or $820-830 million post-money. The company had previously raised over $140 million before this new funding round.
In June, an esteemed media house informed Whatfix was in discussions to raise a new round, which would involve partial exits for early investors Helion Venture Partners and Eight Roads Ventures. Following the latest allotment, SoftBank increased its stake to 15.51%, while Warburg Pincus' Sweet Nectar Investments acquired an 8.94% stake in the company, including shares from the secondary transaction.
The company was established by Khadim Batti and Vara Kumar, Whatfix offers in-app guidance and performance support for web applications and software products. Its tools are designed for large companies and organizations, enabling more efficient use of their apps by the workforce.
In FY23, Whatfix saw a 65.7% increase in revenue from operations, reaching Rs.285 crore, though its losses also grew by 31.2% to Rs.328 crore. Notably, the company generated all its revenue from international markets, including the America, Europe, Asia-Pacific, and the Middle East, with 61% of revenue coming from the US, followed by Europe. The company has yet to disclose its FY24 financial results.
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