Whatfix likely to raise $90 million in a Series D funding from SoftBank Vision Fund II

SaaS News -Whatfix-in-talks-to-raise-up-to-$90-million-from-SoftBank(source: SaaS Industry)
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In a competitive investment round, Tokyo-based SoftBank Vision Fund II is in talks to lead a $90-million Series D financing round in Whatfix, a digital adoption SaaS startup. This proposed funding aims to take Whatfix’s valuation to $500-550 million, a more than three-fold increase in a year.

Last February, Whatfix had raised $32 million in a Series C round led by Sequoia Capital India, which landed the company at a post-money valuation of about $150 million.

Reports suggest that after investing in the cross-border sales enablement platform, MindTickle, this shall be SoftBank’s second bet in Indian SaaS startups last year. The interest has further increased by the COVID-19 pandemic as well.

Data points to an increase in investments in Indian SaaS companies, from $670 million in 2019 first half to about $830 million by 2020 first half – a 20 percent growth. While the global SaaS market is growing at a 22.6 percent Compound Annual Growth Rate (CAGR) from 2019, for India alone, there is going to be a six-fold expansion to about $13-15 billion by 2025.

Whatfix is an eight-year-old startup that helps companies create interactive walkthroughs on websites and web applications. Through its range of products, they assist businesses with performance optimization, training, and change management. The company’s revenues have almost doubled, thanks to the digital adoption triggered by the COVID-19 pandemic, and had added over 120 enterprise customers at that time.  

In the last year, Whatfix had hired about 260 employees globally. They have more than 500 enterprise customers such as the beer-making Heineken, Myntra, Automation Anywhere, and global credit report company Experian.

SoftBank is a multinational holding company owning stakes across industries like technology, energy, and financial services. It was ranked the 36th largest public company in the Forbes Global 2000 list. In March this year, they had roughly gained about $33 million on paper through the public market debt of Coupang, a South Korean e-commerce giant.

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