B2B digital adoption solutions provider Whatfix has scooped up $90 million in its Series D round led by SoftBank Vision Fund 2. The round also saw participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments.
According to the Bengaluru-based company, the fresh proceeds will help it to expand into new markets such as Asia Pacific and Europe.
Sequoia had led a $32 million Series C round in Whatfix in February 2020. The company has now raised $139.8 million to date and according to sources aware of the deal, it has been valued at around $600 million.
Launched by Khadim Batti and Vara Kumar Namburu in 2014, Whatfix provides tools that large companies and organizations integrate into their own apps to help guide the workforce in using them more efficiently. Its gamut of offerings syncs up with Salesforce, Oracle CMS, Office365 and MS Dynamics among others.
With 500 global customers including The Netherlands Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, BMC Software Inc., Bausch & Lomb, Whatfix claims to increase employee productivity by 35%, reduce training time and costs by 60% and increase application data accuracy by 20%.
WalkMe, AppCues, Userlane and Pendo are global competitors of Whatfix.
Whatfix is the third investment for SoftBank Vision Fund 2 in India in 2021. The Japan-based investors had previously invested in social commerce platform Meesho in April and modern banking tech company Zeta in May.
According to Softbank, it is planning to invest up to $4 billion in India in 2021 that will be majorly focused on SaaS, B2B marketplaces, e-commerce, healthtech and edtech space.
Also, Vision Fund 2 is reportedly planning to invest $300-500 million in e-commerce marketplace Flipkart and $450-500 million in food tech major Swiggy. On Tuesday, Swiggy sought approval from the competition commission of India to raise funds from SoftBank Vision Fund 2.