SUMMARY
- Whatfix raises $100 million in primary and secondary funding led by Sweet Nectar Investments and SoftBank, valuing the SaaS firm at $820-830 million.
- Sweet Nectar Investments acquires an 8.94% stake in Whatfix, while SoftBank increases its stake to 15.51% following the latest funding round.
- The firm’s operating revenue grew 65.7% to Rs 285 crore in FY23, with all income generated from international markets, but losses rose by 31.2%.
Whatfix, a SaaS-based supplier of digital adoption solutions, has raised about $100 million in primary and secondary funding, with Sweet Nectar Investments and SoftBank. This marks the first funding round the Bengaluru-based company has had in the previous three years.
As per the firm’s regulatory filings with the Registrar of Companies, the board approved a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to obtain Rs 296.74 crore in main capital. The deal also includes supplementary finance totaling close to Rs 530 crore.
With fundraising of Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary), Sweet Nectar Investments led the round. SoftBank, the company’s current investor, contributed Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary).
According to TheKredible, a startup intelligence platform, Whatfix is estimated to be worth approximately Rs 6,871 crore, or $820–830 million, after money. Before the most recent investment round, it had raised more than $140 million. Following the round’s allocation, Warburg Pincus’ Sweet Nectar Investments purchased 8.94% of the company’s stakes, while SoftBank raised its stake percentage to 15.51%.
The Khadim Bhatti and Vara Kumar-led Whatfix is a software company that offers performance support and in-app guidance for online applications. The company’s operating revenue increased by 65.7% to Rs 285 crore in FY23, but its losses increased by 31.2% to Rs 328 crore. Notably, all of Whatfix’s income came from international markets, including the Middle East, Asia Pacific, Europe, and America. The US accounted for over 61% of the revenue, with Europe coming in second. The business has not yet released its FY24 financials.
Source: Entrackr
