Bengaluru-and San Jose-based enterprisetech startup — Whatfix — which helps in quicker and efficient adoption of any digital software, has raised $13.2 Mn (INR 92 Cr) Series B funding, as it plans to boost its US and Europe expansion, double employee headcounts and apply newer technologies to make its product better.
The startup has added three new investors on its list: Eight Roads Ventures, F Prime Capital, and Cisco Investments. Its existing investors, Stellaris Venture Partners and Helion Venture Partners, also participated in the latest funding round.
Launched in 2013 by Khadim Batti and Vara Kumar Namburu, Whatfix is a SaaS-based enterprisetech startup which is currently helping more than 400 medium and large global enterprises in the adoption of various software.
There are many enterprises with hundreds of employees using a plethora of enterprise management and project management software. Typically, a company arranges classroom training and supplies materials to prepare its employees to use a particular software.
Batti said that instead of doing those, Whatfix can provide a step by step navigation to help an employee understand a particular software’s features or guides what to do next if they get stuck somewhere.
“User efficiency is optimal if they get guidance at the moment of need just in time inside the application,” Batti said.
The startup claims that 70% of its users are based in the US, followed by 20% in Europe, and the remaining 10% are from around the globe, including India. “In the last 12 months, we have grown 4x and we plan on generating revenue at 3x growth for the calendar year 2019,” Batti said.
Whatfix currently has a 120-member team. While products and engineering team are based in Bengaluru, marketing and sales operations are lead by its San Jose office.
How Can Whatfix Help To Efficiently Use Your Company’s Software
What is so unique about Whatfix that other software don’t? Inc42 asked. Batti cited an example saying:
“Let’s say if you’re a user of SalesForce and you get stuck in something. Instead of you going outside of an application or chasing a tech guy to help you out, Whatfix will navigate you step by step to ease the hurdles based on your query to finish the task,” he said.
Whatfix provides a platform where software training processes can be rolled out efficiently. When an organisation installs a new product for its employee use, a software trainer can use Whatfix that grabs all the pre-processes required to use it, and can be rolled out within a day or a two, Batti claims.
What Is The Market Of Digital Adoption Platform
Whatfix is a B2B product and mainly targets medium and large enterprises. It charges its clients based on the number of Whatfix users per application.
“Let’s say if an enterprise wants to use Whatfix on top of three applications, then they would buy three Whatfix account. For each account, we then charge according to the number of users using Whatfix,” Batti said.
Typically, the startup uses this monetisation model for enterprises. However, in the case of enterprises using Whatfix for their customers, it charges on the basis of usages.
“It is an $8 Bn market. Globally, the digital transformation is happening in every organisation with the help of software. When a CIO spends millions of dollars in large enterprises for digital transformation, they want to see ROI of that. And, Whatfix becomes key there.”
The startup claims to have an early mover advantage and wants to take a leadership position, although there are many companies on the fray. It considers US-based digital adoption platform WalkMe as its main competitor.