Whatfix, a global leader in digital adoption platforms (DAPs), has raised $125 million in a Series E funding round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2. This new round, secured at a significant premium, underscores Whatfix’s dominance in the DAP market and its expansion into adjacent offerings.
With this latest funding round, Whatfix is poised to continue its mission of driving innovation and expanding its leadership in the digital adoption market.
The Series E funding will fuel Whatfix’s growth, enhancing its integrated product suite through both organic development and strategic acquisitions. The company plans to expand its market presence in key regions, including the US, EMEA, and APAC, and strengthen its footprint in the global public sector.
Since its last funding round in 2021, Whatfix has solidified its leadership position in the DAP category, achieving a 4.5X increase in annual recurring revenue (ARR). The company serves a global clientele, including major brands like Arrow Electronics, Schneider Electric, and Avnet, and partners with industry giants like Microsoft, Salesforce, Infosys, and Accenture.
Whatfix is at the forefront of “Userization,” a concept that shifts the responsibility of adapting technology to users, not the other way around. By integrating GenAI throughout its product suite, including digital adoption, product analytics, and application simulation, Whatfix empowers enterprises to maximize their technology ROI while enhancing employee efficiency.
“Enterprises are grappling with the complexities of digital transformation and the pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “This investment will accelerate a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”
Whatfix’s leadership in the DAP space has been consistently recognized by industry analysts, including Gartner, Forrester, IDC, and the Everest Group. The company has also been a top performer on the Deloitte Tech Fast 500™ for three consecutive years and was named a Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report.
The digital adoption market is poised for significant growth, with Gartner predicting that 70% of organizations will use DAPs by 2025. IDC also projects that by 2027, 80% of G1000 organizations will rely on DAPs to address technical skills shortages and optimize software ROI.
Narendra Ostawal, Managing Director and Head of India Private Equity at Warburg Pincus, expressed confidence in Whatfix’s potential: “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs and empower users to fully leverage software functionalities and enhance productivity.”
SoftBank Investment Advisers’ Narendra Rathi added, “Whatfix’s strong growth and sustained innovation in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus.”
Whatfix’s commitment to customer success is evident in the feedback from its clients and partners. Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz, praised Whatfix’s role in their digital transformation journey, noting the platform’s ability to simplify complex processes and empower teams. Adam P. Burden, Global Innovation Lead at Accenture LLP, highlighted Whatfix’s impact on user enablement and its AI-powered product suite’s ability to optimize efficiency and create great outcomes.
