Bengaluru-based Whatfix, a leading digital adoption platform, has achieved a significant milestone by recording a remarkable 49% revenue increase, resulting in a total of INR 425 crore for its latest financial year. Founded in 2013 by Khadim Batti and Vara Kumar, this achievement underscores the growing strength and robustness of India’s SaaS ecosystem. The platform’s success is heavily supported by its primary clientele in the United States, who contribute to 75% of the company’s revenue. Within Whatfix’s revenue structure, its flagship Digital Adoption Platform accounts for a substantial 84% of the total income.
This impressive financial performance was not just due to strong revenue growth but also strategic cost management efforts that limited expense growth to a mere 12%. The company’s financial strategy was bolstered by recently raising $125 million in Series E funding, led by Warburg Pincus with significant support from SoftBank, bringing its overall valuation close to $900 million. This level of investor confidence in Whatfix is solidified by a standout $58 million employee and investor liquidation program, a rare occurrence in the SaaS industry that sets Whatfix apart from its competitors.
Despite navigating through a legal dispute with Israel-based WalkMe, which presents its own set of challenges, Whatfix has managed to solidify its position in the market. To date, the company has successfully raised over $265 million, underscoring its robust financial health and future prospects. The focus on digital adoption is particularly relevant today, as businesses worldwide strive to effectively navigate through digital transformations. The combination of financial prudence and strategic funding has made Whatfix a stellar example of success in the SaaS domain, positioning it on the cusp of achieving coveted unicorn status.
