Whatfix’s Revenue Jumps 49%, Crosses INR 400 Cr Mark

Bengaluru-based SaaS startup Whatfix’s operating revenue breached the INR 400 Cr mark in the financial year ended March 31, 2024. The SoftBank-backed startup posted a 49% increase in its revenue from operations to INR 425 Cr in FY24 from INR 285 Cr in the previous fiscal year.

Founded in 2013 by Khadim Batti and Vara Kumar, the startup primarily earns revenue by selling subscriptions and professional services to enterprises, including  solutions for onboarding new customers, effective training and better support to users through contextual content display at the time of need.

Including other income, the startup reported a total revenue of INR 445.3 Cr, up 1.5X from INR 303.9 Cr in FY23.

With the rise in revenue, Whatfix also managed to reduce its net loss by 20% to INR 263 Cr from INR 328.3 Cr in FY23.

Where Did Whatfix Spend?

One of the primary reasons behind Whatfix reducing its loss was its ability to curb expenditure growth. Despite revenue increasing by nearly half, the startup’s total expenses rose only 12% to INR 706 Cr from INR 631.3 Cr in FY23.

Employee Benefit Expenditure: The startup’s biggest expense was its employee costs. It spent INR 451 Cr on employee benefits in FY24, up 8% from INR 416 Cr in the previous year.

Advertising Expenditure: In a bid to cut its loss, the startup reduced its advertising expense by 11% to INR 71 Cr from INR 79 Cr in FY23. 

Information Technology Expense: The startup spent INR 52 Cr under the head, an increase of 37% from INR 37.8 Cr in FY23. 

The US continued to be the biggest market for Whatfix, accounting for 75% of its total revenue. The startup garnered a revenue of INR 306.3 Cr from the US. While Europe generated a revenue of INR 90 Cr, Asia Pacific raked in INR 12.3 Cr in FY24.  

It is pertinent to note that the startup’s flagship product, Whatfix Digital Adoption Platform, accounts for 84% of its revenue. 

Last month, Whatfix raised $125 Mn in its Series E funding round led by Warburg Pincus, along with Japan-based SoftBank. The funding round valued the startup at around $900 Mn. The startup also conducted a liquidation programme worth $58 Mn for its employees and investors. 

To date, the startup has raised over $265 Mn in funding.

Whatfix is currently involved in a court case in the US. Israel-based WalkMe has accused Whatfix of a breach of contract.

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