Bengaluru-based SaaS company Whatfix achieved a major financial milestone in the year ending March 31, 2024, as its operating revenue surged by 49%, crossing the INR 400 crore mark.

Backed by SoftBank, Whatfix reported a jump in revenue from INR 285 crore in FY23 to INR 425 crore in FY24, driven by its enterprise-focused subscription and professional services offerings, which include tools for customer onboarding, training, and contextual support.

With additional income, the company’s total revenue reached INR 445.3 crore, reflecting a 1.5x increase from INR 303.9 crore in the previous fiscal year. Notably, Whatfix managed to control cost increases, with expenses rising by just 12% to INR 706 crore, while revenue climbed nearly 50%. Employee benefits remained the largest cost at INR 451 crore, up 8%, while advertising expenses were cut by 11% to INR 71 crore. However, IT expenses grew 37% to INR 52 crore.

The US market remained a key revenue driver, contributing 75% (INR 306.3 crore) to Whatfix’s total earnings, with Europe and the Asia-Pacific region generating INR 90 crore and INR 12.3 crore, respectively. The company’s flagship product, the Whatfix Digital Adoption Platform, accounted for 84% of total revenue.

In September, Whatfix raised $125 million in Series E funding, led by Warburg Pincus and SoftBank, valuing the company at approximately $900 million. The funding round also included a $58 million liquidation program for employees and investors. To date, Whatfix has secured over $265 million in funding. The company is currently facing a legal challenge in the US, where Israel-based WalkMe has filed a lawsuit alleging a breach of contract.