The Indian tech-based startup Whatfix amplified its valuation to nearly $600 million with a funding round led by SoftBank Vision Fund 2. Series D allowed the Software-as-a-service (SaaS) startup to raise $90 million funds. Other investors in the funding round were Sequoia Capital India, Eight Roads Ventures, F-Prime Capital, Cisco Investments, and Dragoneer Investment Group.
The company’s total funds, including the recent one, are $139.8 million.
Considering its expansion of footprint in the US market, the company will use the current funds and accelerate market expansion globally, including Asia-Pacific and Europe. The last half-yearly growth rate has been 100% quarter on quarter. Additionally, in 2020 the company also increased customer usage of in-app engagement and communication by 150%.
Other aspects the company plans to use the funds in are prioritizing artificial intelligence (AI) as it’s is one of the critical factors ruling the tech industries, product innovation, customized solutions to clients, and enterprise solutions.
The startup enables businesses to implement the services better to manage their software tools with a digital adoption program; it also focuses on employee engagement, customer empowerment, and business growth.
Whatfix that started its operations eight years ago, builds a robust digital adoption platform helping businesses to create and develop interactive walkthroughs on any website or web application. The company ensures smooth integration of services which accelerates customer experience throughout the digital adoption learning. The company has many products that help boost performances in the business, change management, and to train the clients.
The company aims to be the global leader in digital adoption services. It has bolstered its revenues seeing impeccable growth in business. It augmented in the revenue by triple-fold, and it has also launched new offices in Australia, the UK, and Germany with a total global employee headcount of 500.
The company has over 500 global customers, including Bausch & Lomb, The Netherlands Red Cross, Sentry Financial Services, and Experian. Employee ratings of the company stand at 4.4 stars out of 5 for its management, culture and values, perks, and opportunities to its employees.
The startup products will ensure higher employee productivity by 35%, cut down training time and costs by 60%, and increase application data accuracy by 20%.
The new normal in every business is to adopt technology and transform digitally. On the verge of accepting digitization, the companies are speeding up investment processes to adhere to platforms and services that enhance high-performing apps, building infrastructure, and improving organizational practices leading to enhance productivity and revenue.