Whatfix, a SaaS-based digital adoption solution provider has raised almost $100 million in primary and secondary funding, led by Sweet Nectar Investments (Warburg Pincus) and SoftBank.
Sweet Nectar Investments (Warburg Pincus) led the round with ₹615 crore (₹271.7 crore primary and ₹343.2 crore secondary), while the company’s previous sponsor SoftBank contributed ₹210.5 crore (₹25 crore primary and ₹185.5 crore secondary) finance.
The newly raised fund will be used to expand and grow its business. This funding marks as the Bengaluru-based company’s first funding round in three years.
As per the firm’s regulatory filings with the Registrar of Companies, the board of directors has passed a special draft to issue 13,201 Series E CCPS (compulsory Convertible Preference Shares) at an issue rate of ₹2,24,788.44 for each share, raising ₹296.74 crore in overall primary capital. The deal also includes secondary funding close to ₹530 crore.
The secondary funding was taken by considering the same issue price. However, the payment may have taken place at a discount rate, lowering the total amount gained.
Whatfix is valued at around ₹6,871 crore, or $820-830 million (post-money). It raised more than $140 million previously.
Khadim Batti and Vara Kumar founded Whatfix, which enables users with in-app guidance, on-demand user support, and customer contextual messages on web, desktop, and mobile applications. Its product can be utilized by large companies and can be used all together in companies’ own apps to help manpower to utilize them more effectively.
