“Until now, we have been seen as an industry independent horizontal app,” said Khadim Batti, CEO and co-founder of Whatfix. “We are in the process of coming up with a few industry specific solutions that we plan to launch in the next 8 or 10 months. We are looking to start with insurance solutions followed by digital banking. ”
Batti said the company is trying to work with certain partners to identify specific use cases and requirements they have and tailor Whatfix’s product accordingly.
“We’ll start launching one in the next few months, then a couple more, and then we’ll try to replicate it in more industries. Usually we tend to be a horizontal player and as we mature we start to become more specialized or give more industry specific solutions that can reduce their lens lifespan or integration time and they can start to see results quickly. ”
The pandemic has been a boon to the company as Batti said the nature of the category in which Whatfix operates has kept it running smoothly. He said Whatfix helps accelerate adoption of any software by providing step-by-step advice or guidance in the workflow and helps employees be more productive or understand and use systems much better. way.
“It has become essential for every CIO or every IT or business department to have a product like ours to ensure that their employees are more efficient or productive,” he said. “Businesses spend hundreds of millions of dollars on transformation or digitization and they will only get a return on their investment if their employees use these processes or digitization more effectively. necessary.”
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Batti said Whatfix dubbed the existing logos. He said business with existing customers had started to grow rapidly and just before the pandemic, the company’s ratio of new bookings to existing bookings or existing customers was contributing around 20%. That figure rose to around 45%, while the remaining 50-55% contribution came from new logos.
“Starting in the third quarter, we had good growth and it continued to increase. In fact, in two years or less, our sales and number of employees doubled. In the third quarter of last year we started hiring quickly and I think we would have added about 200+ people in the last five quarters. We added almost 40 to 50 people each quarter, “he said. declared.
Whatfix will also continue to focus on early stage technology acquisitions, such as acquiring early stage technology companies “that are doing a good job or have a solid track record in a specific industry,” Batti said. So far, Whatfix has acquired two companies – Airim in 2019 and Nittio Learn in 2021. The company also raised $ 90 million in its Series D funding round led by Softbank Vision Fund 2 last year. .
“We want to invest in a few companies so that our product roadmap can accelerate. We also incubate certain projects internally. We have a formal DevOps team in place and they are exploring the market and have established a relationship with several. We are in discussion with a few and are confident that at least one acquisition should occur in a quarter, ”Batti said. .