Bengaluru’s based Digital adoption Platform ‘Whatfix’ has recently secured $125M in a Series E round led by Warburg Pincus with participation from returning investor SoftBank Vision Fund 2.
Use of Funds
The fund will be deployed for what is referred to as Category Building at Whatfix and Product Synergization or the improvement of an integrated set of products through organic and inorganic means. Furthermore, the company has its plans of conquering the new markets in the USA, EMEA and APAC regions.
Valuation and Growth
Due to this new funding, Whatfix is now close to $900M in valuation. As reported in Entrackr earlier, the shareholding pattern of the deal has also been shared. That, however, has not been stated or acknowledged by the company even though, a few early investors are expected to partly exit.
Funding History and Investors
Until now, Whatfix has received more than 265 million from various investors such as Eight Roads Ventures, Peak XV, Dragoneer Investment Group, F-Prime Capital, Cisco Investments.
Whatfix Background and Development Pattern
Whatfix is an enterprise app and software product guidance solution that has been started earlier this year by Khadim Batti and Vara Kumar. A couple of weeks back, it announced that it has large enterprises clients such as Arrow Electronics, Schneider Electric, and Avnet use its tools to improve efficiency; it also works with partners like Microsoft, Salesforce, Infosys, and Accenture.
It has, however, quadruple its monthly recurring revenue figures since it received its last funding in June this year. Gross sale revenue to customers of new products contributes to 15%. For the year FY23, Whatfix’s revenue from operation was up by 65.7% at Rs 285 crore while the consolidated losses were up 31.2% at Rs 328 crore. The financial performance of the firm in the year FY24 is still pending.
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