ThinkStock PhotosMumbai: Tiger Global is in talks to lead a $50 million to $75 million Series D funding round in Whatfix , a software-as-a-service (SaaS)-based digital adoption startup founded in 2014. The deal values the company at around $300 million, said three people with knowledge of the development.
“The deal is in early stages and there is a lot of interest from other investors as well,” said one of the people, indicating that the contours of the deal might change at a later stage. “Tiger Global has held talks and offered a term sheet too. It is to be seen whether the deal fructifies,” the person added.
“The existing investors too will participate in the (latest) round,” said another person with knowledge of the company’s plans.
Queries emailed to spokespersons for Whatfix and Tiger Global remained unanswered as of publishing this story.
In February 2020, WhatFix raised $32 million in a Series C funding round led by Sequoia Capital India. Its other investors include Eight Roads Ventures, Cisco Investments and F-Prime Capital, which had also participated in the round. The company had then said that it would use the money for product development and to expand to regions such as Europe and Australia.
Founded by Vara Kumar and Khadim Batti, the San Jose-headquartered company provides in-app guidance and performance support for web applications and software products. It helps enterprises deliver easy onboarding, training and self-service support. The company said last year its products have helped increase employee productivity by 35%, reduced training time and costs by 60%, and increased application data accuracy by 20%.
According to a December 2020 report by global consulting company Bain & Co., Indian SaaS companies are poised to hit $18 billion to $20 billion in revenue and capture a 7% to 9% share of the global SaaS market by 2022.
“SaaS firms such as Zoho, Freshworks, Druva, and Icertis have already broken through the $100-million annual recurring revenue (ARR) mark, with a healthy pipeline of companies well-placed to follow over the next 12 to 18 months,” the report said.
“The deal is in early stages and there is a lot of interest from other investors as well,” said one of the people, indicating that the contours of the deal might change at a later stage. “Tiger Global has held talks and offered a term sheet too. It is to be seen whether the deal fructifies,” the person added.
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“The existing investors too will participate in the (latest) round,” said another person with knowledge of the company’s plans.
Queries emailed to spokespersons for Whatfix and Tiger Global remained unanswered as of publishing this story.
In February 2020, WhatFix raised $32 million in a Series C funding round led by Sequoia Capital India. Its other investors include Eight Roads Ventures, Cisco Investments and F-Prime Capital, which had also participated in the round. The company had then said that it would use the money for product development and to expand to regions such as Europe and Australia.
Founded by Vara Kumar and Khadim Batti, the San Jose-headquartered company provides in-app guidance and performance support for web applications and software products. It helps enterprises deliver easy onboarding, training and self-service support. The company said last year its products have helped increase employee productivity by 35%, reduced training time and costs by 60%, and increased application data accuracy by 20%.
According to a December 2020 report by global consulting company Bain & Co., Indian SaaS companies are poised to hit $18 billion to $20 billion in revenue and capture a 7% to 9% share of the global SaaS market by 2022.
“SaaS firms such as Zoho, Freshworks, Druva, and Icertis have already broken through the $100-million annual recurring revenue (ARR) mark, with a healthy pipeline of companies well-placed to follow over the next 12 to 18 months,” the report said.