SUMMARY
- Whatfix announces a $58M liquidity program, allowing employees to sell vested units profitably.
- Series E funding led by Warburg Pincus boosts Whatfix’s valuation to $900M from $600 M.
- FY23 revenue grew 65% to ₹285 Cr, while losses increased 31% to ₹328 Cr.
The digital adoption platform (DAP) Whatfix has unveiled a $58 million liquidity program for its investors and staff. This is the fourth employee stock option (ESOP) repurchase for the corporation. The Bengaluru-based company announced that qualified current and past workers can now sell some of their vested units at a higher price than the Series D valuation.
Following the company’s $125 million Series E funding round, which was headed by Warburg Pincus and included contributions from current investor SoftBank Vision Fund 2, this announcement was made. This led to the company’s valuation rising from $600 million at the Series D financing to $900 million. Over $265 million has been raised thus far.
Software firm Whatfix was founded by Khadim Batti and Vara Kumar. The firm offers performance support and in-app guidance for online applications. Big businesses employ their products to increase productivity. The US Patent Office, according to the corporation, has granted it five patents, and it is now working on eighteen more. The company says it has maintained growth and kept its cash burn low over the last two to three years despite experiencing macroeconomic challenges.
For FY23, the firm reported a revenue of ₹285 crore, marking a 65% growth from the previous year, and a loss of ₹328 crore, a 31% increase year-over-year. The company has raised $140 million to date.
