SaaS start-up Whatfix gets $100 million from SoftBank

SoftBank Vision Endowment is in consultations to lead a $100 million financing round in Whatfix, a software-as-a-service (SaaS)-based digital adoption startup with offices in San Jose and Bengaluru. This is a Japanese firm’s second bet on the buzzy enterprise technology space after MindTickle.

Foundations designated that the modern funding values the company around $500 million, up from $150 million when it raised funds a year ago.

“SoftBank has put in a term sheet and is likely to close the transaction soon. It’s a highly competitive round with other investors also have shown interest,” the Company states.

After capitalizing on Mindtickle, a cross-border sales enablement platform, SoftBank has been vigorously searching for SaaS deals, especially companies that have an annual habitual revenue (ARR) of $10-15 million, which specifies that their products ensure been validated by their clients.

Founded by Vara Kumar and Khadim Batti, Whatfix offers in-app supervision and recital sustenance for web applications and software products to productions. It helps enterprises bring easy onboarding, training, and self-service support. The company said last year its products have helped increase employee productivity by 35 percent, reduced training time and costs by 60 percent, and increased application data accuracy by 20 percent.

The Company had raised $32 million in a Series C funding round led by Sequoia Capital India. Its other investors include Eight Roads Ventures, Cisco Investments, and F-Prime Capital, which had also contributed to the round. In its statement last year the company states it would use the money for product development and to expand to places such as Europe and Australia.

Indian SaaS companies are poised to hit $18 billion to $20 billion in revenue and capture a 7 percent to 9 percent share of global SaaS market by 2022.