Including other income, the startup reported total revenue of INR 445.3 Cr, up 1.5X from INR 303.9 Cr in FY23

Along with the revenue growth, Whatfix also managed to reduce its net loss by 20% to INR 263 Cr from INR 328.3 Cr in FY23

Despite revenues growing by nearly half, the startup’s total expenses grew by just 12% to INR 706 Cr from INR 631.3 Cr in FY23

Bengaluru-based SaaS startup Whatfix’s operating revenue crossed the INR 400 Cr mark in the financial year ended March 31, 2024. The SoftBank-backed startup saw a 49% increase in its operating revenue to INR 425 Cr in FY24, from INR 285 in 2024. the previous fiscal year.

Founded in 2013 by Khadim Batti and Vara Kumar, the startup primarily earns revenue by selling subscriptions and professional services to enterprises, including solutions for onboarding new customers, effective training and better user support by contextually displaying content at the time necessary.

Including other income, the startup reported total revenue of INR 445.3 Cr, up 1.5X from INR 303.9 Cr in FY23.

With rising incomes, What a fix it also managed to reduce its net loss by 20% to INR 263 Cr from INR 328.3 Cr in FY23.

Where did Whatfix spend?

One of the main reasons that Whatfix cut losses was its ability to reduce spending growth. Despite revenue growing by nearly half, the startup’s total expenses grew by just 12% to ₹ 706 crore from ₹ 631.3 crore in FY23.

Employee benefits expenses: The startup’s biggest expense was employee costs. It spent INR 451 Cr on employee benefits in FY24, up 8% from INR 416 Cr in the previous year.

Advertising expenses: In a bid to cut its losses, the startup cut its ad spend by 11% to INR 71 Cr from INR 79 Cr in FY23.

Information Technology Expenses: The startup spent INR 52 Cr under its cap, a 37% increase from INR 37.8 Cr in FY23.

The US continued to be the largest market for Whatfix, accounting for 75% of total revenue. The startup earned a revenue of INR 306.3 Cr from the US. While Europe generated a revenue of INR 90 Cr, Asia Pacific accumulated INR 12.3 Cr in FY24.

It is pertinent to mention that the startup’s flagship product, Whatfix Digital Adoption Platform, accounts for 84% of its revenue.

Last month, Whatfix grew $125 million in its Series E funding round led by Warburg Pincus, along with Japan-based SoftBank. The funding round valued the startup at around $900 million. The startup also conducted a liquidation program worth $58 million for its employees and investors.

To date, the startup has raised over $265 million in funding.

Whatfix is ​​currently involved in a US court case. Israel’s WalkMe accused Whatfix of a breach of contract.