[Funding alert] SaaS startup Whatfix raises $32M in Series C round led by Sequoia Capital India
Whatfix, a SaaS-based digital adoption startup has raised $32 million in Series C funding round led by Sequoia Capital India. Existing investors Eight Roads Ventures, Cisco Investments, and F-Prime Capital also participated in this round of funding.
The funds raised will be used to drive product development and address the demands for digital adoptions solutions across markets like Europe and Australia.
Speaking of the fundraise, Khadim Batti, Co-founder and CEO, Whatfix said, “As the future of work evolves, enterprises must invest in digital adoption now to prepare for the next wave in the digital workplace. Mainstream employees and alternative workforce will need to be digitally savvy, stay focussed on key digital activities, use BOTs to enter data and perform routine tasks, re-skill themselves by self-learning in the flow of work, and be comfortable acting on hyper-personalised guidance."
With this investment, Whatfix plans to further invest in product innovation with enhanced functionalities that unify the employee experience and digital journey across desktop, mobile, and web applications; simplify enterprise-wide search across fragmented content repositories; and increase user productivity via workflow automation, personalisation, and BOT-based data entry.
The startup believes that enterprise today spend over billions of dollars on various enterprise applications and employee training. And yet, research shows that close to 85 percent of business executives are challenged with user adoption of new technologies.
It added that while enterprises typically use over 300 different cloud applications, not all of them are used to their full potential. Founded in 2014, Whatfix's digital adoption platform has been created to help enterprises drive digital adoption and elevate user experience.
“This latest funding will help us to expand our product offerings globally and continue to help enterprises realise the full value of their digitisation effort,” said Vara Kumar, Co-Founder and CTO at Whatfix.
Khadim added that personalised in-app guidance, automation, and quick discovery will help enterprises and their workers be more productive and reduce cognitive overload.
Speaking on the funding, Tejeshwi Sharma, Principal, Sequoia Capital India LLP, said,
“Enterprise software spend is $450 billion globally growing nine percent y-o-y. A new category of digital adoption solutions is fast-emerging to ensure user adoption keeps pace with software purchase. Whatfix has been instrumental in shaping the DAS category by innovating products aimed at democratising adoption and efficient use of software products. Khadim and Vara have taken a customer-first approach, a reflection of their deep understanding and empathy for the end-users."
At present, Whatfix has 230 employees across its six global offices. It has over 500 global customers, including Automation Anywhere, Experian, Grifols, REG Services Group, Reed Specialist Recruitment, Sentry Financial Services, Cardinal Health Canada, DaVita Healthcare, and BMC Software Inc., among others.
Shweta Bhatia, Partner at Eight Roads Ventures, said, “Whatfix’s digital adoption platform is quickly establishing itself as an important pillar to accelerate user adoption of technology stacks of leading global enterprises, and we are proud to be their partner.
(Edited by Suman Singh)