Digital adoption platform Whatfix has demonstrated 49.1% growth in the fiscal year ending March 2024. Moreover, the company improved its economics with a 20% reduction in year-year losses in this period.
Whatfix’s revenue from operations grew 49% to Rs 424.58 crore as compared to Rs 284.74 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies shows.
This growth is driven by expanded services, particularly in international markets. With a non-operational income of Rs 20.77 crore, the firm posted a total income of Rs 4,45.36 crore in FY24.
Whatfix generates its income primarily through software subscriptions and professional services that enable customers to utilize its hosted platform throughout the contract duration. These services are provided on a subscription basis.
With 72.13%, America has turned out to be the largest revenue contributor to Whatfix. Its income from the country surged 77.4% to Rs 306.23 crore in FY24 from Rs 172.66 crore in the previous fiscal. Income from Europe stood at Rs 90.61 crore whereas the Middle East region brought Rs 6.89 crore to the firm’s coffers in the last fiscal.
Akin to its scale, Whatfix’s expenses, however, also increased, with employee benefits representing the largest share at Rs 450.65 crore. The other major expenses included Rs 230.55 crore on other operational costs, which rose 27% year-over-year.
Meanwhile, finance costs shrank substantially by over 79% to Rs 31.1 crore due to reductions in certain liability expenses.
Despite a 49% spike in scale, Whatfix managed to reduce its losses by 20% to Rs 262.63 crore. This reduction in loss, combined with revenue growth, reflects the company’s strategic focus on cost efficiencies and revenue-generating services. Its adjusted bottom line further benefited from the absence of specific one-time costs that had impacted prior financials (FY23).
Whatfix raised $125 million in a Series E funding round in September, led by Warburg Pincus with participation from SoftBank Vision Fund 2. Entrackr first reported on the Series E round. Following this, Whatfix launched a $58 million employee stock buyback program, marking the second-largest ESOP buyback of 2024 after Swiggy’s $65 million buyback in the same year.
Founded by Khadim Batti and Vara Kumar, the firm has raised over $265 million to date and its valuation stood at around $900 million, inching towards unicorn status.
