Bengaluru-based B2B SaaS-based performance support startup Whatfix has raised Series B funding of Rs 92 crore ($12.5 million) led by Eight Roads Ventures India with participation from its U.S.-based sister fund F-Prime Capital and Cisco Investments. Existing investors, Stellaris Venture Partners and Helion Ventures Partners were also a part of the round.
Whatfix plans to use the capital to create digital adoption category leadership in the enterprise application software market and continue its expansion into the global markets. The company will also grow its R&D, marketing, and sales teams in the US and India.
The company said in a statement that its customer base has grown by more than 400 percent with the addition of Wipro Limited, BMC Software Inc., Lazada, Infosys Finacle, iCertis, etc.
Founded by Khadim Batti and Vara Kumar in April 2013, the startup enables companies simplify their users' adoption journey with the help of technology through targeted information, while gathering insights that can be used to drive more effective software use.
CEO Khadim said, ”Soon, there will be widespread automation with AI and machine learning changing the way we work. However, employees will need digital expertise to leverage these technologies to effectively elevate productivity."
Shweta Bhatia, Partner at Eight Roads Ventures, said, “Enterprises want faster payback on their software investments and quick adoption is key to that. Whatfix has a compelling offering, vision, and management team to transform the way software applications are used in business. We look forward to using our global network and enterprise SaaS expertise to support Whatfix as it continues to innovate on product and expand its enterprise customer base.”
In April 2017, the company had raised Series A funding of Rs 24 crore led by Stellaris Venture Partners with participation from VC investors Helion Venture Partners and Powerhouse Ventures. Marquee Angels Gokul Rajaram, Girish Mathrubootham, Aneesh Reddy, and Vispi Daver also participated in the round.
Before that, Helion Venture Partners along with Powerhouse Ventures, GSF and angel investors from the valley had invested a total of Rs 5.5 crore in the company in April 2015.