PE Fund Investments
SaaS startup Whatfix attracts $100-M led by Warburg Pincus at $830-M valuation
Bengaluru-based SaaS startup Whatfix has raised USD 100 million in primary and secondary funding led by Warburg Pincus (Via Sweet Nectar Investments) and SoftBank at a post money valuation of INR 6,871 crore (USD 820-830 million).The company is to issue 13,201 Series E compulsory convertible preference shares (CCPS) at INR 2,24,788.44 per share to raise INR 296.74 crore in primary capital. The transaction also includes secondary funding worth nearly INR 530 crore.Sweet Nectar Investments (Warburg Pincus) led the round with INR 615 crore (INR 271.7 crore in primary and INR 343.2 crore in secondary) while existing backer SoftBank invested INR 210.5 crore (INR 25 crore in primary and INR 185.5 crore in secondary). Post allotment, SoftBank increased its stake to 15.51% while Warburg Pincus acquired a 8.94% stake in the company (including via the secondary transaction).Founded by Khadim Batti and Vara Kumar, Whatfix provides tools that can be used by large companies and organisations, and integrated into their own apps to help guide the workforce in using them efficiently.
Between Apr 2015 and June 2021, Whatfix had raised over USD 139 M from Helion Ventures, Powerhouse Ventures, Stellaris Venture Partners, Cisco, Eight Roads Ventures, Dragoneer Investment Group, Peak XV Partners and SoftBank Corp.
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