Warburg Pincus-backed Whatfix slashes net loss by 20% to Rs 262.63 Cr in FY24

SaaS major Whatfix has managed to cut its net loss by 20% in the financial year ended March 31, 2024. The startup posted a net loss of Rs 262.63 crore in FY24 against a loss of Rs 328.33 crore in FY23.

The Warburg Pincus-backed firm’s operating revenue rose 49% to Rs 424.58 crore in FY24, up from Rs 284.74 crore in the previous fiscal year.

Additionally, the company's total income grew by 46.5%, reaching Rs 445.36 crore in FY24 compared to Rs 303.96 crore in FY23.

The total expenses rose to Rs 706 crore for FY24, compared with Rs 631.31 crore in the previous year.

The Bengaluru-based firm, known for its Digital Adoption Platform (DAP), recently secured $125 million in a Series E funding round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2.

This investment came at a valuation premium of over 50%, said the company. It marked SoftBank’s second deal in over two years, both involving existing portfolio companies.

The startup’s employee benefit expenses in FY24 saw an 8% surge to Rs 450.7 crore compared with Rs 416.07 crore in the corresponding year.

Whatfix recently announced its fourth liquidity programme valued at $58 million, offering an Employee Stock Ownership Plan (ESOP) buyback for employees and a secondary sale for investors at a premium compared to its previous Series D valuation.

Founded by Khadim Batti and Vara Kumar in 2014, Whatfix is a SaaS-based digital adoption platform that provides in-app guidance, training, and performance support for web applications and software products.

The company was last valued at $568 million in 2021 following its $90 million Series D funding round, which was led by SoftBank Vision Fund and saw participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, Cisco Investments, and others.