Digital Adoption Solutions (DAS) Whatfix raised $90 million (around Rs 656.48 crore in June 8th exchange rate value) in Series D funding. This funding round was led by SoftBank Vision Fund 2 with participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments.
The DAS company has now raised $139.8 million to-date and the company’s valuation has increased three times in the past 15 months.
Khadim Batti, CEO and co-founder, Whatfix said,“This latest round of funding strengthens our position as market leaders as we plan to expand our offerings globally and continue to provide excellent customer service to businesses who look to us to guide them through their digital transformation initiatives.”
The company will utilise the fund to further grow in the US market while accelerating global expansion into new markets such as Asia Pacific and Europe. In addition, the company will invest the funds in product innovation focusing on artificial intelligence (AI), enterprise solutions, and providing personalised experiences, the company stated.
In the past two years, the company claimed that it has seen massive growth, tripling of revenue and headcount. The company has opened three new offices in the United Kingdom, Germany and Australia. Whatfix currently has 500 employees across six global offices.
“Digital Adoption Solutions are enhancing the growth and importance of SaaS products for enterprises globally,” said Munish Varma, Managing Partner, SoftBank Investment Advisers.
Sumer Juneja, Partner, SoftBank Investment Advisers, said, “Enterprises spend billions on applications across multiple functions and yet employee adoption is low. Quick adoption ensures payback on software investments. Whatfix’s solutions will be a key driver for enterprises to achieve this goal, which is reflected in their growth.”
“Having first invested in 2019, we are proud of their journey and happy to continue our partnership with Khadim, Vara and the entire team. Whatfix is well on its way to revolutionize software adoption and the future of work,” said Shweta Bhatia, Partner, Eight Roads Ventures.
The company has 500 global customers comprising more than 100 Fortune 1,000 brands, including The Netherlands Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, BMC Software Inc., Bausch & Lomb, and more.