Bengaluru-based digital adoption platform Whatfix has surpassed expectations in its latest financial year and it is a step forward to the strength of India’s SaaS ecosystem. The startup has marked a 49% surge in revenue and the growth has pushed its revenue past the INR 400 crore threshold to INR 425 crore.
Whatfix was founded by Khadim Batti and Vara Kumar in 2013 and since then it has built a loyal clientele. Most of its clients are located in the US and accounts for 75% of its revenue. Its Digital Adoption Platform was responsible for its 84% of revenue. It is addressing a critical need and that is to help large companies in navigating complexities of digital transformation.
The recent financial year saw total revenue grow of Whatfix to INR 445.3 crore and it was aided by strategic moves to curb expenditure growth. The total expenses were kept in check with a modest 12% increase.
Whatfix lately also secured $125 million in Series E funding and this brought its valuation near to $900 million. The funding was led by Warburg Pincus and was supported from SoftBank. The investment reflects strong investor confidence and positions the startup on the cusp of unicorn status. Moreover, its $58 million employee and investor liquidation program is a rare but encouraging move in the SaaS industry.
Whatfix is currently facing a legal dispute with Israel-based WalkMe, which is another digital adoption leader. The breach-of-contract lawsuit casts a shadow over an otherwise stellar year and could complicate the momentum of Whatfix as it expands internationally. But with more than $265 million raised to date and a solid foothold in its primary markets, its strategic resilience will likely steer it through.
