[Funding News] Whatfix Raises $100 Mn Primary and Secondary Capital Funding Led by Sweet Nectar Investments (Warburg Pincus) and SoftBank.

Sweet Nectar Investments (Warburg Pincus) and SoftBank have led the primary and secondary financing of Whatfix, a provider of digital adoption solutions that is SaaS-based.

The funding totals nearly $100 million. This marks the first funding round for the Bengaluru-based company in the past three years.

According to the company's regulatory filings with the Registrar of Companies, the board of directors at Whatfix has approved a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share in order to raise Rs 296.74 crore in primary capital.

In addition, the filings indicate that the transaction also includes secondary funding totaling nearly Rs 530 crore. The primary objective of Whatfix is to utilize the primary proceeds to expand and develop the business.

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The company's existing backer SoftBank contributed Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding, while Sweet Nectar Investments (Warburg Pincus) headed the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary).

The secondary funding was extracted by considering the same issue price. Nevertheless, the transaction could have been conducted at a discounted rate, which would have resulted in a decrease in the total amount raised.

About Whatfix

Founded in 2013 by Khadim Batti and Vara Kumar, Whatfix is a data-driven digital adoption platform (DAP) that enables organizations and users to maximize the benefits of software.

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