Whatfix raises $90 mn funds from SoftBank

Software-as-a-service (SaaS) startup Whatfix has raised $90 million as a part of its Series D funding round led by SoftBank Vision Fund 2, it said on Tuesday.

The round also saw participation from existing investors Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments.

The startup has, with this round of funding, raised a total of $139.8 million till date.

Mint had reported in April that the company aims to raise $80-90 million as a part of this fund raise at a valuation of $500-550 million.

The company plans to use the funding to continue bolstering its presence across the US market while accelerating global expansion into new markets, including Asia-Pacific and Europe.

The startup is also expected to invest in product innovation, focussing on artificial intelligence (AI), enterprise solutions, and provision of personalized experiences to enterprise clients.

“Whatfix is proud to offer a unified digital adoption experience enabling organisations to extract the full value from their software tools while also empowering employees, customers, and businesses. This latest round of funding strengthens our position as we plan to expand our offerings globally and continue to provide excellent customer service to businesses,” said Khadim Batti, chief executive officer and co-founder, Whatfix.

With this round, the valuation of the company is nearing $600 million, Whatfix said but did not share the details.

The eight-year-old startup is a digital adoption platform that helps companies create and integrate interactive walkthroughs on any 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.

“Whatfix makes it easier for companies to use SaaS products, which increases productivity. Whatfix, with its roster of global clients, is well placed to become a digital adoption services leader and we are excited to be part of their journey,” said Sumer Juneja, partner, SoftBank Investment Advisers.

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

“Having first invested in 2019, we are proud of their journey and happy to continue our partnership with Khadim, Vara, and the entire team. Whatfix is well on its way to revolutionising software adoption and the future of work.” said Shweta Bhatia, partner, Eight Roads Ventures.

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