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Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr · 1y ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Medial

SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.

SoftBank-backed Whatfix lays off 6% of workforce

EntrackrEntrackr · 18d ago
SoftBank-backed Whatfix lays off 6% of workforce
Medial

SoftBank-backed Whatfix lays off 6% of workforce Software-as-a-service (SaaS) company Whatfix has laid off 6% of its workforce. This marks the first layoff announced by the Bengaluru-based firm since its inception. Economic Times, which reported the development first, added that 60-80 employees were impacted in the strategic realignment. Responding to Entrackr’s queries, a company spokesperson said, “Whatfix undertook a strategic realignment to sharpen its focus on long-term, sustainable, and efficient growth in a rapidly changing market. As part of this shift, approximately 6% of our current headcount was impacted, including around 4% in our GTM (go-to-market) teams, to better align our go-to-market with the strong traction we are seeing in our AI-first product lines.” “These decisions are never easy, and we remain committed to handling the transition with care and empathy for our colleagues. We will continue to support impacted team members and ensure uninterrupted excellence for our customers,” the spokesperson added. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools are used by large companies to drive efficiency. In September last year, the company raised $125 million in a Series E round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2. After the funding, Whatfix launched a $58 million liquidity program for employees and investors, marking its fourth ESOP buyback. While Whatfix has yet to disclose its FY25 numbers, the company’s revenue from operations grew 49% to Rs 424.58 crore in FY24 from Rs 284.74 crore in FY23. It also reduced its losses by 20% to Rs 262.63 crore in FY24. The US emerged as Whatfix’s largest revenue contributor and accounted for 72.13% of its total revenue.

Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%

YourStoryYourStory · 1y ago
Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%
Medial

- MWYN Tech Pvt Ltd's neobanking startup, Freo, achieved total revenue of over Rs 100 crore in FY24. - The company's revenue from operations increased by 8.67% to Rs 99.54 crore in FY24. - Total revenue, including other sources, grew by 11.68% to Rs 111.46 crore in FY24 compared to the previous year. - Freo reduced its total expenditure by 10.14% to Rs 125.58 crore in FY24, resulting in a 64.55% decrease in net loss. - The fintech company has reported profitability since December 2023 and boasts a user base of 25 million across 1,200 Indian cities. - Freo, formerly known as MoneyTap, has transformed from a credit line provider to a comprehensive credit-led neobank offering various digital financial services.

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