Whatfix Secures $100 Million in Funding Led by Warburg Pincus and SoftBank
Bengaluru-based SaaS-based digital adoption solution provider Whatfix has successfully secured nearly $100 million in primary and secondary funding, marking its first funding round in the last three years. The funding was led by Sweet Nectar Investments (Warburg Pincus) and SoftBank, with the latter increasing its stake to 15.51% in the company.
Funding Details:
- Primary funding: Rs 296.74 crore ($40.5 million) raised through the issue of 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share.
- Secondary funding: Nearly Rs 530 crore ($71 million) extracted from taking the same issue price under consideration.
- Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore ($81 million), while SoftBank poured in Rs 210.5 crore ($27.7 million).
Company Valuation and Growth:
- Whatfix has been valued at around Rs 6,871 crore ($820-830 million) post-money, with a total raised capital of over $140 million before the fresh funding round.
- The company recorded a 65.7% growth in revenue from operations to Rs 285 crore ($37.5 million) in FY23, while its losses also increased by 31.2% to Rs 328 crore ($43.8 million).
Founder’s Statement:
Queries sent to Whatfix for comment did not elicit an immediate response.
About Whatfix:
Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, integrated into their own apps to help guide the workforce in using them more efficiently.
