SUMMARY
- Whatfix has reduced its net loss by 20% in FY24, standing at Rs 262.63 crore.
- The firm’s operating revenue increased by 49% to Rs 424.58 crore in FY24.
- The total expenses were Rs 706 crore in FY24.
SaaS startup Whatfix has reduced its net loss by 20% in FY24, standing at Rs 262.63 crore, down from a net loss of Rs 328.33 crore in FY23.
The firm’s operating revenue increased by 49% to Rs 424.58 crore from Rs 284.74 crore in the same period. Moreover, the company’s overall revenue saw a 46.5% increase, hitting Rs 445.36 crore in FY24, compared to the Rs 303.96 crore in FY23.
The total expenses were Rs 706 crore in FY24, up from Rs 631.31 crore seen in FY23. The firm is recognized for its Digital Adoption Platform (DAP), and has recently closed a $125 million Series E funding round, led by Warburg Pincus, with contributions from its existing investors SoftBank Vision Fund 2.
This funding came at a valuation premium of over 50%, according to the company. This deal marks SoftBank’s second investment in over two years, both involving its existing portfolio companies.
The Warburg Pincus-backed startup’s expenses related to employee benefits in FY24 saw an 8% increase to Rs 450.7 crore from Rs 416.07 crore in FY23.
Bengaluru-based Whatfix has also recently announced its fourth liquidity program valued at $58 million, which includes an Employee Stock Ownership Plan (ESOP) buyback for its employees and a secondary sale for investors at a premium compared to its last valuation in the Series D funding round.
Established in 2014 by Batti and Vara Kumar, Whatfix offers a SaaS-based digital adoption platform that provides in-app guidance, training, and performance support for web applications and software products.
The company was last valued at $568 million in 2021 following its $90 million Series D funding round, which was led by SoftBank Vision Fund and included contributions from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, Cisco Investments, and others.
