Whatfix allots $4.3 million for first ESOP buyback

BENGALURU: Software-as-a-service (SaaS) platform, Whatfix, has initiated an employee stock ownership plan (ESOP) buyback of $4.3 million (about Rs32 crore) for its employees, the company said on Tuesday.

Through the buyback, Whatfix will allow employees the option to liquidate up to 35% of their vested ESOPs.

This is the first buyback by the company where over 80% of the eligible 175 employees have chosen not to liquidate their vested shares, the company said in a statement.

Both current and former employees will be able to avail the value of shares at the series D, non-discounted valuation of the company.

Last month, Whatfix raised $90 million as a part of its Series D funding round led by SoftBank Vision Fund 2, with participation from existing investors Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments.

With the fund raise, the company’s valuation stands at almost $600 million, the company told to Mint.

“Today, Whatfix is a leading Digital Adoption Platform (DAP) and this success is a result of the amazing work done by our employees. Even as the world experienced unprecedented challenges, our employees managed to turn this period into one of the strongest times for us. It is important that as we continue to grow, our employees grow along with us. Through this ESOP buyback, we are thanking and rewarding our employees,” said Khadim Batti, co-founder and chief executive officer, Whatfix.

The eight-year-old startup is a digital adoption platform that helps companies create and integrate interactive walkthroughs on website or web application, while helping accelerate the software adoption journey for end-customers. Through its suite of products, the company also helps businesses with performance support, change management, and training.

Over the past two years, Whatfix claims to have tripled its revenues. The company has also opened an office each in the UK, Germany, and Australia and has 500 employees across six global offices.

Whatfix has 500 global customers. Its clientele includes The Netherlands Red Cross, Experian, Sentry Financial Services, and Bausch & Lomb.