SoftBank Vision Endowment is in talks with SaaS startup Whatfix to lead a $100 million financing round in the startup. The company is said to be valued at $500 million, up from $150 million when it raised funds a year ago. This will be the Japanese investment firm’s second bet in the enterprise technology space after in invested in MindTickle.

“SoftBank has put in a term sheet and is likely to close the transaction soon. It’s a highly competitive round with other investors also have shown interest,” the company states.

Founded by Vara Kumar and Khadim Batti, Whatfix offers in-app supervision and recital sustenance for web applications and software products to productions.

The Bangalore and San Jose-based firm helps enterprises bring easy onboarding, training, and self-service support. The company had mentioned that through 2020, its products had helped increase employee productivity by 35 percent, reduced training time and costs by 60 percent, and increased application data accuracy by 20 percent.

In November 2020, SoftBank had led the $100 million investment in MindTickle, a cross-border sales enablement platform. Since then the firm has been on the lookout for SaaS deals, especially companies that have an annual habitual revenue (ARR) of $10-15 million.

WhatFix had earlier raised $32 million in a Series C funding round led by Sequoia Capital India. The company’s other investors include Eight Roads Ventures, Cisco Investments, and F-Prime Capital. In its statement last year the company stated it would use the money for product development and to expand to places such as Europe and Australia.

Indian SaaS companies are poised to hit $18 billion to $20 billion in revenue and capture a 7 percent to 9 percent share of the global SaaS market by 2022.