Sequoia leads Series C for Indian onboarding SaaS
Sequoia Capital India has led a $32 million Series C round for Whatfix, an Indian software-as-a-service (SaaS) firm that helps enterprises increase digital adoption rates.
Eight Road Ventures, F-Prime Capital and Cisco Investments also participated. Both Eight Roads and F-Prime are independent investment firms backed by Fidelity International.
Previous investors include Helion Venture Partners, Stellaris Venture Partners, Powerhouse Ventures and several high net-worth individuals. The latest fundraise brings total capital committed to Whatfix to $49.8 million, according to AVCJ Research.
Founded in 2013, Whatfix helps companies that offer web applications create on-screen interactive walkthroughs with a view to helping improve customer onboarding, customer support, and employee training. The firm, headquartered in Bengaluru and San Jose, plans to use the funding for product development and to expand its presence in Europe and Australia.
Whatfix claims to have more than 500 customers worldwide. Credit reporting firm Experian, staffing firm Manpower Group, software firm Wipro, and IT hardware giant Cisco are some of its customers.
Last year, the company doubled the size of its workforce and acquired Airim, a firm that uses artificial intelligence to study user behavior in order to recommend personalized in-app guidance. This coincided with the opening of new offices in Sydney and London.
“Software is penetrating the deepest crevices of enterprise workflows at an unprecedented pace. Enterprise software spend is $450 billion+ globally growing 9% year-on-year. A new category of digital adoption solutions is fast emerging to ensure user adoption keeps pace with software purchase,” said Tejeshwi Sharma, a principal at Sequoia India.
Whatfix's competitors globally include WalkMe, AppLearn, Tour My App and SAP Enable Now. WalkMe claims to have more than 2000 customers globally and has raised over $307 million in total funding from private equity investors.
Sequoia is also said to be looking to raise between $1.28-1.35 billion for its next set of funds – comprising separate growth and venture vehicles – in India and Southeast Asia.
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