Sequoia Capital leads $32 million funding round in SaaS company Whatfix, Technology News, ETtech

Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Sequoia Capital India has led a $32 million (about Rs 229 crore) funding round in digital adoption solutions provider Whatfix, the San Jose-headquartered company said on Wednesday.

The six-year-old company’s existing set of investors — Eight Roads Ventures, the proprietary investment arm of Fidelity International, F-Prime Capital, the US-based sister fund of Eight Roads Ventures and Cisco Investments — also participated in the Series C round.

The latest equity financing comes a little less than a year after Eight Roads Ventures led a Rs 92 crore round in the Software as a Service company. Whatfix, founded in 2014, will use the money for product development and to expand into geographies such as Europe and Australia, it said in a statement.

“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 focused 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,” said Khadim Batti, chief executive of Whatfix.

Founded by Batti and Vara Kumar, Whatfix is present in Bengaluru, San Francisco, London and Melbourne. The company helps enterprises deliver easy onboarding, training and self-service support.

It also claims to increase employee productivity by 35%, reduce training time and costs by 60%, cut employee case tickets by 50% and increase application data accuracy by 20%.

“Software is penetrating the deepest crevices of enterprise workflows at an unprecedented pace. Enterprise software spend is $450 billion-plus globally growing 9% year-over-year. A new category of DAS is fast emerging to ensure user adoption keeps pace with software purchase,” said Tejeshwi Sharma, principal at Sequoia Capital India.

Whatfix reportedly raised $3.6 million in its Series A round led by Stellaris Venture Partners in April 2017. Prior to that, it had raised Rs 5.5 crore in its seed funding round, led by Helion Venture Partners, Powerhouse Ventures and GSF, according to media reports.

The company counts notable entrepreneurs as investors and advisors among its ranks, including Freshworks founder and CEO Girish Mathrubootham.

“Whatfix’s digital adoption platform is quickly establishing itself as an important pillar to accelerate user adoption of technology stacks of leading global enterprises,” said Shweta Bhatia, partner at Eight Roads Ventures.

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