Enterprise software platform Whatfix said on Wednesday it has secured $32 million in a Series C funding round led by multi-stage investor Sequoia Capital India.
Existing investors Eight Roads Ventures, F-Prime Capital and Cisco Investments also took part in the round, Whatfix said in a statement.
The development comes after reports in December last year said that Sequoia Capital was in talks to invest up to $30 million in the software-as-a-service platform at a post-money valuation of $150 million.
Whatfix, owned by Quicko TechnoSoft Labs Pvt. Ltd, said it will use the money to develop products and accelerate its expansion into markets such as Europe and Australia.
Founded in 2014, Whatfix helps enterprises drive digital adoption and improve user productivity. Vara Kumar, co-founder and CTO at Whatfix, said the company will continue to hire across all functions and regions and provide a digital adoption platform that enables clients to drive adoption across applications, browsers and devices.
Whatfix has 230 employees across six offices in San Jose, San Francisco, Bengaluru, London and Melbourne. It has more than 500 customers, including Automation Anywhere, Experian and DaVita Healthcare.
Tejeshwi Sharma, principal at Sequoia India, said Whatfix has helped shaped the digital adoption solutions category by innovating products aimed at “democratizing adoption and efficient use” of software products.
Company co-founder and chief executive officer Khadim Batti said personalised guidance, automation and quick discovery would help employees at firms be more productive. “Enterprises must invest in digital adoption now to prepare for the next wave in the digital workplace,” he said.
In March last year, Whatfix raised $13.2 million in its Series B round from F Prime Capital, Cisco and Eight Roads. Before that, in April 2017, it raised $3.6 million (Rs 24 crore) in a Series A round led by Stellaris Venture Partners. Helion Ventures and Powerhouse Ventures as well as angel investors participated in that round.
Whatfix is one of several SaaS startups to have raised funding in recent years, as the success of companies such as Freshworks and Icertis inspired investors to place more bets on the fast-growing segment.
Earlier this month, fleet management and analytics startup Fleetx Technologies Pvt. Ltd. raised $2.8 million (around Rs 20 crore) in a Series A round from investors such as the Singapore-based Beenext Opportunity Fund and India Quotient.
Last month, real estate-focussed platform MultiplyMyLeads.com raised an undisclosed sum from investors including Frontline Strategy Funds and SucSEED Venture Partners. Similarly, startups such as customer and product insights-focused SmartKarrot and consumer packaged goods-oriented Samya.ai raised funding in recent months.