2024-09-25 17:32:02 :
mumbai
: Whatfix, a business-to-business digital adoption platform, is preparing to go public within two years and is on track to become profitable within the next six months, its co-founder and CEO Khadim Batti said on Wednesday. The company, which helps businesses onboard and train employees with software solutions, is targeting a $100 million revenue run rate in the next 12 months, Bhatti said.
“We are working hard to be profitable in the next two quarters,” Barty said in an interview. Mint.
Whatfix has received $125 million in Series E funding led by Warburg Pincus, which values the company at $900 million. Existing investor SoftBank Vision Fund 2 also participated in this round of financing
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The company’s backers include Dragoneer, Peak XV Partners, Eight Roads and Cisco Investments. In 2021, SoftBank Vision Fund 2 led a $100 million financing round, at which time the company was valued at approximately $600 million.
Batti said about $58 million of the recent funding was secondary sales, allowing early investors and angel investors to sell their stakes, while the remaining $67 million will be used to fuel the company’s expansion into Southeast Asia and West Asia. He added that this would be in addition to the company’s growing presence in existing markets such as the United States and Europe.
He said: “This investment will enable us to expand categories and enhance our comprehensive product suite through organic growth and strategic acquisitions. Going forward, we expect about 15-20% of our revenue to come from emerging markets such as Southeast Asia and the Middle East (West Asia) ).”
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Founded in 2014 by Batti and Vara Kumar, Whatfix provides in-app guidance and performance support to businesses using web applications and software. The company helps businesses streamline employee onboarding, training and support.
With offices in the US, India, UK, Germany, Singapore and Australia, Whatfix supports over 700 companies, including over 80 Fortune 500 companies including Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions and Genuine Parts. Strong company.
“We’re targeting $100 million in revenue in the next 12 months and potentially going public in the next 24-36 months,” Bhatti said.
Narendra Ostawal, Managing Director and Head of India Private Equity at Warburg Pincus, said: “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation initiatives, create superior user experiences and engage users A way to get the most out of your software’s capabilities and increase your productivity.” Whatfix has huge potential to capitalize on the tailwinds and solidify its position in the high-growth DAP (Digital Adoption) market. “
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Warburg Pincus has been increasing its investments in India and recently acquired a controlling stake in Ebco $3,000-crore deal.
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