Warburg Pincus led a $125 million Series E funding round for Whatfix, a digital adoption platform (DAP), which also included participation from SoftBank Vision Fund 2, an existing investor.
Whatfix stated in a press release that the investment will allow it to strengthen its integrated product suite and increase its category leadership through organic growth and strategic acquisitions. Additionally, it wants to increase its market share in the US, APAC, and EMEA regions.
After the latest round of funding, Whatfix is now valued at almost $900 million.
Following the Series E funding, a few early backers are anticipated to make partial withdrawals. Whatfix did not, however, formally comment on it.
To date, investors including Eight Roads Ventures, Peak XV, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments have contributed over $265 million to the Bengaluru-based company.
Whatfix is a software company founded by Khadim Batti and Vara Kumar that offers performance support and in-app guidance for web applications. Big businesses use its tools to increase productivity.
Whatfix asserts that it has grown remarkably since its June 2021 funding round, securing its place as a front-runner in the recently created DAP category. The company works with partners like Microsoft, Salesforce, Infosys, and Accenture in addition to serving a global clientele that includes Arrow Electronics, Schneider Electric, and Avnet.
The company reported that since its last funding round, its annual recurring revenue (ARR) increased by 4.5X, with new products accounting for 15% of revenue. Although the company has not yet submitted its annual financial statements for FY24, its revenue from operations increased by 65.7% to Rs 285 crore in FY23. During the same period, its losses increased by 31.2% to Rs 328 crore (FY23).
