SoftBank-backed Whatfix reduces FY23 net loss by 53% to INR 328 Cr. The B2B SaaS startup achieved this significant decrease by cutting expenses, leading to a net loss of INR 328.33 Cr in FY23 compared to INR 706.26 Cr in FY22. Operating revenue sees an impressive 65.14% YoY increase, reaching INR 284.74 Cr in FY23.
Founded in 2013, Whatfix, co-founded by Khadim Batti and Vara Kumar, provides digital adoption solutions to businesses. The platform, catering to Fortune 500 companies, focuses on customer onboarding, efficient training, and improved user support through contextual content.
Total expenses for the Bengaluru-based startup dropped 29.65% to INR 631.31 Cr in FY23. Finance costs notably decreased, reaching INR 152.24 Cr from INR 457.37 Cr in FY22.
Employee benefit expenses rose 41.26% to INR 416.07 Cr in FY23. Cash and cash equivalents declined by 60.13% to INR 150.87 Cr by the end of FY23 from INR 378.45 Cr a year ago.
Whatfix, with a total funding of nearly $140 Mn, boasts investors such as Sequoia Capital, Eight Roads Venture, F-Prime Capital, Cisco Investments, and Helion Ventures. The startup, last valued at $600 Mn, continues to make strides in the B2B SaaS sector.
