Whatfix raises $90 million from SoftBank Vision Fund 2

CHENNAI: Enterprise software provider Whatfix has raised $90 million in a Series D funding round led by SoftBank Vision Fund 2 and that saw participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments.
With this, the global digital adoption solutions provider has tripled its valuation in the past 15 months and has raised $139.8 million to-date. The company is now valued at around $600 million.
The company plans to use the funding to strengthen its position in the US market, accelerating global expansion into new markets such as Asia Pacific and Europe, and in augmenting product innovation with focus on use of artificial intelligence (AI) to provide personalized experiences.
As a digital adoption solution, Whatfix overlays existing applications, offers in-app guidance and helps enterprises extract the full value from their software tools.
"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," Khadim Batti, CEO and co-founder, Whatfix, said. Revenue and headcount at Whatfix has tripled in the last two years, he added, noting that in-app engagement is up almost 150%.
Whatfix has also opened three new offices in the United Kingdom, Germany and Australia in the past two years, and currently has 500 employees across six global offices. In India, it has a presence in Bengaluru.
“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," Sumer Juneja, Partner, SoftBank Investment Advisers, said.
The 500+ global clientele of Whatfix includes The Netherlands Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, BMC Software Inc., Bausch & Lomb, and more.