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- Whatfix
Whatfix Revenue, Valuation, Funding & Investors
Whatfix is valued at $900M as of September 2024, a 15.5x multiple on its last reported $58M revenue.
Last Whatfix valuation
$900M
Series E · Sep 2024
Last Whatfix funding round
$125M
Series E · Sep 2024
Whatfix revenue
$58M
Series E · Sep 2024
Key investors in Whatfix
F-Prime
Eight Roads Ventures
Cisco Investments
Helion Venture Partners
Peak XV Partners
SoftBank Group
About Whatfix
Whatfix is a Bangalore-headquartered digital adoption platform launched in 2013 that deploys in-app guidance, analytics, and GenAI assistants. Adopted by enterprises like Bajaj Finance and Dell for internal tools and customer apps, it ensures user productivity and compliance across SaaS environments.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$58M (Sep 2024)
Valuation
$900M (Sep 2024)
Whatfix Valuation
Whatfix is currently valued at $900M, based on its Series E in September 2024.
The $125M round was led by Warburg Pincus, with participation from SoftBank Group.
Whatfix's valuation has moved from $1.8B at its Series D in June 2021 to $900M in September 2024, across 2 priced rounds.
Whatfix valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2024 | Series E | $900M | 15.5x |
| Jun 2021 | Series D | $1.8B | 90.0x |
Whatfix Revenue
Whatfix's latest recorded revenue is $58M, as of its Series E in September 2024. At a $900M valuation, that implies a 15.5x revenue multiple.
Revenue grew from $20M in June 2021 to $58M in September 2024, while the revenue multiple moved from 90.0x to 15.5x.
Whatfix revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2024 | $58M | $900M | 15.5x | Series E |
| Jun 2021 | $20M | $1.8B | 90.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Whatfix Funding History
Whatfix has raised a total of $265M across 7 funding rounds.
Whatfix's first fundraising round was a $300K pre-seed round in October 2014. The most recent completed round was a $125M Series E in September 2024.
Whatfix funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series E | Warburg Pincus (lead); SoftBank Group | $125M | $900M | Whatfix is a San Jose-based digital adoption platform (DAP) that helps enterprises implement digital transformation programs and train employees to effectively use software tools. The platform provides in-app guidance, analytics, and simulation capabilities to enhance user adoption and productivity across organizations. The company serves over 700 enterprises, including 80+ Fortune 500 companies such as Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company, with operations across seven offices in the US, India, UK, Germany, Singapore, and Australia. In September 2024, Whatfix closed a $125 million Series E funding round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2. The company achieved a $900 million post-money valuation, representing a 50% premium over its Series D valuation of approximately $600 million in 2021. CEO Khadim Batti stated the company has achieved a 4.5X increase in annual recurring revenue (ARR) since its 2021 Series D funding round. The capital will be deployed to strengthen leadership in the DAP category, enhance product offerings through organic growth and strategic acquisitions, and expand global market presence. Whatfix has demonstrated strong traction and product innovation. The company achieved 40-45% growth over the prior two years, with 95-96% of revenue generated from international markets, reflecting its global market dominance. New products contributed 15% to overall revenue, and the company launched enhanced generative AI features and a beta version of its simulation product, Mirror. Additionally, Enterprise Insights was introduced to provide analytics on enterprise software stacks. The company is pursuing a path toward profitability and public markets. Batti indicated Whatfix was on track to achieve profitability within six months of the announcement and aims to hit a $100 million revenue run rate within 12 months. The company expressed intentions to pursue an IPO within approximately two years. Whatfix has cumulatively raised $328 million from investors including Warburg Pincus, SoftBank Vision Fund 2, Dragoneer Investment Group, Peak XV Partners (formerly Sequoia Capital India), Eight Roads Ventures, F-Prime Capital, and Cisco Investments. |
| Jun 2021 | Series D | SoftBank Group (lead); Dragoneer; Cisco Investments; F-Prime; Eight Roads Ventures; Peak XV Partners | $90M | $1.8B | Whatfix is a Bengaluru-based digital adoption platform (DAP) provider that helps enterprises maximize ROI on software investments through in-app guidance, training, and analytics. The company raised approximately $90-140 million in its Series D round on August 6, 2021, led by SoftBank Vision Fund 2, with participation from Cisco Investments, Dragoneer Investment Group, Eight Roads Ventures, F-Prime Capital, and Peak XV Partners (formerly Sequoia India). This funding supported product innovation and global expansion amid growing demand for DAP solutions during digital transformations. The post-money valuation for this round was $1.8 billion, as the subsequent 2024 Series E valuation of $900 million was reported as 50% higher than the 2021 Series D valuation. At the time of the 2021 round, Whatfix had achieved about $20 million in annual recurring revenue (ARR), a key SaaS metric reflecting robust early traction with enterprise clients. This figure grew significantly post-round, reaching a 4.5X increase by 2024, driven by existing product expansions and new offerings contributing 15% of revenue. The company served over 80 Fortune 500 clients including Arrow Electronics, Schneider Electric, Avnet, and Mercedes-Benz, alongside partnerships with Microsoft, Salesforce, Infosys, and Accenture. Whatfix's growth positioned it as a leader in the DAP category, earning Deloitte Tech Fast 500 recognition for three years and Gartner Peer Insights Customer’s Choice in 2024. The 2021 round brought total funding to around $200 million before later raises, with the Series E in September 2024 led by Warburg Pincus at $125 million and $900 million valuation, fueling further US, EMEA, APAC expansion, AI integrations, and acquisitions. By FY25, revenue crossed Rs 500 crore (about $67 million), up 31% YoY, underscoring sustained momentum in a competitive landscape against players like WalkMe. |
| Feb 2020 | Series C | Peak XV Partners (lead); Cisco Investments; F-Prime; Eight Roads Ventures | $32M | - | Whatfix is a digital adoption platform that helps enterprises guide users through software applications with in-app guidance, analytics, and training to boost productivity and reduce support costs. In February 2020, the company raised $32 million in its Series C funding round led by Peak XV Partners (then Sequoia Surge), with participation from Cisco Investments, Eight Roads Ventures, and F-Prime Capital. The funds were intended to scale the business and enhance product capabilities. Whatfix continued its growth trajectory post-Series C, raising a Series D of $90 million in June 2021 led by SoftBank Vision Fund at approximately $600 million valuation, followed by further rounds including a $125 million Series E in September 2024 led by Warburg Pincus and SoftBank at around $900 million valuation. Total funding raised across rounds reached about $264.8 million by 2024. Later rounds highlighted expansion into new markets, product strengthening, and strategic acquisitions, positioning Whatfix in the competitive digital adoption and SaaS enablement space against players like WalkMe and Appcues. |
| Mar 2019 | Series B | Eight Roads Ventures India (lead); Stellaris Venture Partners; Cisco Investments; F-Prime; Helion Venture Partners | $13M | - | - |
| Apr 2017 | Series A | Stellaris Venture Partners (lead); F-Prime; Sierra Ventures; Sequoia Capital; Girish Mathrubootham; Pras Hanuma; Aneesh Reddy; Powerhouse Ventures; Eight Roads Ventures; Helion Venture Partners; Block | $4M | - | - |
| Apr 2015 | Seed | Helion Venture Partners (lead); GSF; Powerhouse Ventures | $900K | - | - |
| Oct 2014 | Pre-seed | Hanwha | $300K | - | - |
Who has invested in Whatfix?
19 investors have backed Whatfix across its funding rounds, including F-Prime, Eight Roads Ventures, Cisco Investments, Helion Venture Partners, Peak XV Partners and SoftBank Group.
Lead investors include Warburg Pincus, SoftBank Group, Peak XV Partners, Eight Roads Ventures India, Stellaris Venture Partners and 1 other investor.
Whatfix Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Apr 2017 | ||
| 3 | Participant | Mar 2019 | ||
| 3 | Participant | Apr 2017 | ||
| 3 | Lead | Apr 2015 | ||
| 2 | Lead | Apr 2017 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Apr 2015 | ||
| 2 | Lead | Feb 2020 | ||
| 1 | Participant | Oct 2014 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Lead | Mar 2019 | ||
| 1 | Participant | Apr 2017 | ||
| 1 | Participant | Apr 2015 | ||
This data is available for Pro users. Sign up to see all 19 Whatfix investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Whatfix
Whatfix has acquired 4 companies to date.
Last acquisition by Whatfix was on April 18th 2022. Whatfix acquired Leap for undisclosed valuation.
Latest Acquisitions by Whatfix
| Description | Leap is a no-code platform that enables mobile app developers to create interactive onboarding experiences, product tours, and in-app guidance without engineering resources. The platform integrates with iOS and Android applications to deliver contextual assistance, feature highlights, and user segmentation. Leap serves SaaS companies seeking to boost user activation and retention through mobile digital adoption tools. Headquartered in Tel Aviv, Israel, Leap was founded in 2021 and supports over 500 apps worldwide. | Jiny offers an assistive UI platform via mobile SDK for apps targeting emerging markets. Developers use its web-based workflow tools to add runtime audio-visual guidance in multiple languages. The platform mimics GPS navigation for in-app instructions, aiding non-English users. Jiny enables product teams to enhance accessibility through jiny.io. | Nittio Learn is a learning management system tailored for deskless workforces in sales, technicians, operations, and logistics. Launched in 2013 initially for educators, the Bengaluru-based platform shifted to corporate training in 2016, serving major Indian brands with interactive content delivery and trainer tools. It earned the International Edtech Award in 2014. | Airim is a customer experience platform redesigning website navigation for businesses. It provides insights into user journeys and behaviors, helping product managers optimize interfaces and boost engagement on e-commerce sites. |
| HQ Country | ||||
| HQ City | San Jose, CA | Bangalore | Bangalore | Bangalore |
| Deal Date | 18 Apr 2022 | 18 Apr 2022 | 10 Aug 2021 | 30 Oct 2019 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Whatfix acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Whatfix Competitors
Whatfix competitors include listed companies like Intapp and CS Disco, and private ones like Assembled, Fumi Technology, Reserv and Splashtop.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | $55M | - | $1B | 18.2x | ||
| Publicly listed | $578M | ($16M) | $2.8B | 4.5x | ||
| Publicly listed | $157M | ($44M) | $273M | 1.0x |
Whatfix Public Comps
Whatfix is still privately-owned, but its public comps include RWS Holdings, CS Disco, Hibino, Xp Industrial FII, GetBusy, Valtes Holdings, Dye & Durham, Intellinetics, Intapp and Topicus.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $9M | - | 10.0x | - | - | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
| $316M | $116M | 3.0x | 3.3x | 8.2x | 7.1x | |||
| $17M | ($470K) | 1.4x | 1.4x | (50.9x) | - | |||
This data is available for Pro users. Sign up to see all Whatfix competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Whatfix
| When was Whatfix founded? | Whatfix was founded in 2014. |
| Where is Whatfix headquartered? | Whatfix is headquartered in San Jose, CA, United States. |
| Is Whatfix publicly listed? | No, Whatfix is a private, VC-backed company. |
| What is Whatfix's valuation? | Whatfix was last valued at $900M in its Series E in September 2024. |
| How much funding has Whatfix raised? | Whatfix has raised $265M across 7 funding rounds. |
| What was Whatfix's last funding round? | Whatfix's last funding round was a $125M Series E in September 2024, led by Warburg Pincus. |
| Who are Whatfix's investors? | Whatfix's investors include F-Prime, Cisco Investments, Eight Roads Ventures, Helion Venture Partners, Stellaris Venture Partners, SoftBank Group, Powerhouse Ventures, Peak XV Partners, Hanwha, Dragoneer and 9 others. |
| What is Whatfix's revenue? | Whatfix's latest recorded revenue is $58M (September 2024). |
| What is Whatfix's revenue multiple? | Whatfix's latest valuation implies a 15.5x revenue multiple ($900M valuation on $58M of revenue). |
| Which companies are comparable to Whatfix? | Companies comparable to Whatfix include Assembled, Fumi Technology, Reserv, Splashtop, Intapp and CS Disco. |
| How many companies has Whatfix acquired? | Whatfix has acquired 4 companies, including Leap, Jiny, Nittio Learn and Airim. |
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