SoftBank Vision Fund 2 puts $90 million in SaaS startup Whatfix; Sequoia, Cisco, others participate

In response to Gartner, spending on SaaS functions by companies in India will develop by 20.8 per cent to $1.41 billion and 20.2 per cent to $1.69 billion in 2022.

Round seven-year-old software-as-a-service startup Whatfix, which helps companies improve person adoption of functions they use, has raised $90 million in a spherical led by SoftBank’s second imaginative and prescient fund. Others together with Eight Roads Ventures, Sequoia Capital India, Dragoneer Funding Group, F-Prime Capital, and Cisco Investments participated within the spherical. The most recent spherical has taken the corporate’s complete fundraising to $139.8 million thus far whereas its valuation has jumped 3x previously 15 months, the corporate introduced on Tuesday. Whatfix, which is now valued at practically $600 million, will deploy the capital in the direction of rising its market within the US and other than international growth into new markets together with the Asia Pacific and Europe. The corporate would additionally make investments the quantity in product innovation specializing in synthetic intelligence (AI), enterprise options, and offering personalised experiences.

“Whatfix is proud to supply a unified digital adoption expertise enabling organizations to extract the complete worth from their software program instruments whereas additionally empowering workers, prospects, and companies,” mentioned Khadim Batti, CEO and co-founder, Whatfix in a press release. The corporate claimed that its income and headcount has tripled previously two years. Whatfix is the third Indian startup elevating funding from SoftBank’s Imaginative and prescient Fund 2. Lenskart and Meesho are the opposite two Indian startups within the fund’s portfolio.

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“Whatfix makes it simpler for corporations to make use of SaaS merchandise, which will increase productiveness. Whatfix, with its roster of world purchasers, is properly positioned to change into a DAS chief, and we’re excited to be a part of their journey,” mentioned Munish Varma, Managing Accomplice, SoftBank Funding Advisers. The corporate boasts of over 500 international prospects comprising greater than 100 Fortune 1000 manufacturers together with The Netherlands Crimson Cross, Experian, Sentry Monetary Companies, Cardinal Well being Canada, BMC Software program Inc., Bausch & Lomb, and so forth.

SoftBank had in October final yr had doubled down on its synthetic intelligence targeted second Imaginative and prescient Fund with a $5 billion dedication to the fund which was launched in October 2019 concentrating on $108 billion measurement. This was up from $5 billion dedicated to the fund by the Group and its subsidiaries as of September 30, 2020. In response to Gartner, spending on SaaS functions by companies in India will develop by 20.8 per cent to $1.41 billion and 20.2 per cent to $1.69 billion in 2022. The top-user spending on public cloud companies in India will likely be value $4.4 billion in 2021, up 31.4 per cent from 2020.