Bengaluru, India – SaaS-based digital adoption solution provider Whatfix has announced that it has raised nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. The company has used this funding to strengthen its operations and expand its business.
According to regulatory filings with the Registrar of Companies, the Bengaluru-based company has issued 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore.
The investment from Sweet Nectar Investments (Warburg Pincus) and SoftBank has valued the company at around Rs 6,871 crore or $820-830 million (post-money). This is Whatfix’s first funding round in the last three years.
Whatfix founder Khadim Batti and Vara Kumar are planning to use the primary proceeds to expand and grow the business with the existing team. The company’s board has passed a special resolution to issue the new shares.
SoftBank has increased its stake in the company to 15.51%, while Warburg Pincus’ Sweet Nectar Investments acquired an 8.94% stake in the company including the secondary transaction.
Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. The company generated the entire revenue from global markets and it is yet to reveal its FY24 numbers.
Whatfix is a SaaS solution that provides in-app guidance and performance support for web applications and software products used by large companies and organizations.