Athira Sethu
Kochi, 26 September 2024
SaaS digital adoption platform, Whatfix has raised $125 million in a Series E funding round led by New York-based private equity firm, Warburg Pincus.
The latest funding round comprised an investment of $100 million from Warburg Pincus, while existing investor, SoftBank invested a further $25 million. After this funding round, Whatfix is valued at about $900 million, a huge jump from its previous valuation of $568 million in 2021.
Around $70 million of the round has come in as primary capital, while the rest has been secondary share sale by existing investors. Helion Venture Partners and Eight Roads Ventures have part-sold their stake in this round.
Whatfix co-founder and CEO Khadim Batti said it will use the amount to acquire other companies and expand its products-particularly in Generative AI space to further expand into the US, Europe and Asia.
Whatfix generates 66% of its revenue from the US and 27% from Western Europe. The firm’s product offerings include digital adoption platforms, simulation training, no-code analytics to enhance user experience.
Whatfix witnessed over 45% growth in the last fiscal year. Currently, the company is generating $75 million in annual recurring revenue. Batti expects it to cross $100 million soon. It would try to break even first before thinking of an IPO.
It expects to grow nearly by 40% in the next two years. For future acquisitions, Whatfix will look out for companies with good products and revenue that will help them grow in the digital adoption space. Whatfix has over 700 clients, which include major names such as Shell, Microsoft and Cisco.
