Bengaluru-based digital adoption platform (DAP) Whatfix has successfully raised $125 million in its Series E funding round, spearheaded by Warburg Pincus, with significant participation from existing investor SoftBank Vision Fund 2. This infusion of capital marks a pivotal moment for Whatfix as it aims to solidify its position as a leader in the rapidly evolving digital adoption landscape.
The funding will be instrumental in allowing Whatfix to expand its integrated product suite, driving both organic growth and strategic acquisitions. The company has outlined its ambition to broaden its market presence across the United States, Europe, the Middle East, Africa (EMEA), and Asia-Pacific (APAC) regions.
While there are indications that some early investors may take partial exits following this funding round, Whatfix has not officially confirmed these speculations.
A Strong Track Record of Growth
Since its inception, Whatfix has successfully raised over $265 million from a diverse array of investors, including Eight Roads Ventures, Peak XV, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments. Founded by Khadim Batti and Vara Kumar, the company specializes in providing in-app guidance and performance support for web applications and software products, catering to large enterprises seeking to enhance operational efficiency.
Whatfix has experienced significant growth since its last funding round in June 2021, claiming a remarkable 4.5 times increase in annual recurring revenue (ARR). New product offerings have played a crucial role, contributing approximately 15% to the company’s revenue stream.
For the fiscal year 2023 (FY23), Whatfix reported a robust 65.7% growth in revenue from operations, amounting to Rs 285 crore. However, the company also faced challenges, with losses increasing by 31.2% to Rs 328 crore during the same period. Despite these losses, the overall trajectory indicates strong operational momentum and a solidified market position.
Serving a Global Clientele
Whatfix’s innovative tools have found a home in a diverse range of industries, with prominent clients such as Arrow Electronics, Schneider Electric, and Avnet utilizing its solutions. Additionally, partnerships with tech giants like Microsoft, Salesforce, Infosys, and Accenture underscore Whatfix’s credibility and relevance in the digital transformation landscape.
As Whatfix moves forward with its expansion plans, the new funding will be pivotal in further enhancing its offerings and market reach, allowing it to continue helping organizations navigate the complexities of digital transformation with greater efficiency and effectiveness.
