BENGALURU: SaaS digital adoption platform Whatfix has raised $125 million, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2.
About $58 million of the corpus, which is equity-based, was raised in a secondary share sale from early investors and employee stock options, founder and CEO Khadim Bhatti told TOI. Investors Eight Roads and Helion Venture Partners have partially exited the company.
Sources told TOI that the latest investment valued the US company at $870 million, and that the company is currently operating at $75 million in annual recurring revenue (ARR).
While the company declined to share specifics around these details, it said that the valuation post-deal was a 50 per cent premium to the last time that the company had raised external capital. “We now have 10 customers who are paying us over a million dollars in a year each, across the US and Europe,” Bhatti told TOI. The company generates 67 per cent of its revenues from the US, 27 per cent from the European region, and the remaining from the rest of the world.
The company’s software helps users learn and use software applications through a digital adoption platform (DAP). It counts Persistent Systems and Johns Hopkins University Applied Physics Laboratory as some of its customers. The company currently employs 960 people.