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Whatfix raises $90 mn Series D from SoftBank Vision Fund 2

Whatfix raises $90 mn Series D from SoftBank Vision Fund 2
Photo Credit: 123RF.com
8 Jun, 2021

Enterprise software platform Whatfix said on Tuesday that it has raised $90 million (Rs 654.3 crore) as part of its Series D funding round.

The funding was led by SoftBank Vision Fund 2, backed by Japanese conglomerate SoftBank Group Corp, said Whatfix in a statement.

Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments participated in the funding round.

Whatfix will use the fresh capital to increase its stronghold in the US and accelerate its global expansion into new markets such as Asia Pacific and Europe. Part of the funds will also be deployed for product innovation.

In the past two years, the revenue and headcount of Whatfix has tripled, it said. The company also opened three new offices in the UK, Germany and Australia in the past two years. Whatfix currently has 500 employees across six global offices.

Munish Varma, managing partner, SoftBank Investment Advisers, said digital adoption solutions are enhancing the growth and importance of software as a service (SaaS) products for enterprises globally.

"Whatfix makes it easier for companies to use SaaS products, which increases productivity. Whatfix, with its roster of global clients, is well placed to become a DAS ( digital adoption solutions) leader, and we are excited to be part of their journey," added Varma.

Whatfix, owned by Quicko TechnoSoft Labs Pvt. Ltd, was founded in 2014 by Khadim Batti and Vara Kumar. Prior to this funding, the startup had raised $32 million in a Series C funding round led by Sequoia Capital India in February last year.

In March 2019, Whatfix raised $13.2 million in its Series B round from F Prime Capital, Cisco and Eight Roads. Before that, in April 2017, it raised $3.6 million (Rs 24 crore) in a Series A round led by Stellaris Venture Partners. Helion Ventures and Powerhouse Ventures as well as angel investors participated in that round.

Whatfix is the latest investment for SoftBank’s Vision Fund 2 in India.

Earlier this month, VCCircle reported OfBusiness is set to raise up to $150 million (Rs 1093 crore) from SoftBank Vision Fund 2.

Late last month, the fund led a $250 million equity funding round in banking technology startup Zeta. This had propelled the Bhavin Turakhia led startup’s valuation to $1.45 billion. Other Indian bets from the fund include social commerce platform Meesho, eyewear brand Lenskart and edtech firm Unacademy.