Whatfix's platform, co-founded by Khadim Batti, helps in overall digital transformation of the company by aiding in change management, employee onboarding, remote training etc.
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During the Covid-19 pandemic, the digital transformation initiatives were witnessed in high gear across various industries. The companies deployed more softwares than ever for onboarding and remote training for employees working from home, but a return on investment on those softwares was only possible when the employees started utilising the software fully. In such a scenario, many companies found digital adoption Platforms (DAP) like Whatfix coming to the rescue. Whatfix's platform helps in overall digital transformation of the company by aiding in change management, employee onboarding, remote training etc.
"Our modules are customised as per customer needs; easy-to-understand contextual guidance and step-by-step instructions help end-users understand solution functionalities and onboard quickly. By boosting adoption this way, customers can achieve ROI faster on their enterprise software investment." says Khadim Batti, Co-founder, Whatfix.
Infosys, Wipro, Icertis, and Sirion Labs are some of the companies who have implemented its DAP solution on their in-house developed applications and then formed strategic partnerships. "Over the past year, as companies operated remotely, seeking new ways to engage with their employees, customers and partners, our in-app engagement in customer services increased by 150% every month, as compared to the pre-Covid period," says Batti.
Batti tells that the company is working on some of the exciting capabilities that can bring userization to life in organizations including its new Product Analytics, NudgeAlong, and DoubleSlash. "These new technologies will help organizations to analyse their product adoption enabling them to maximize their tech stack, provide a mechanism for any user to create and share knowledge with other users, and allow users to collaborate in real time without spending time in sharing context outside the application, respectively," adds Batti.
Batti feels that while many people are aware of the issues his company addresses, they may not be aware that there is a feasible solution across web-based, mobile, and desktop applications. "Solving this is the biggest task we have at hand right now. We are fully committed to empowering businesses to maximize business outcomes by removing technological complexity from the user's perspective. While consistently providing better customer experiences, we'll keep innovating."
According to Batti, the most important step to profitability is to ensure that the company is positive in terms of unit economics. "For companies like us, CAC - customer acquisition cost, gross margin retention rate, and LTV i.e. lifetime value clearly demonstrates the health and will of the company to become profitable. Sometimes tech companies do invest upfront to acquire customers and get market share, but if unit economics are positive, companies will become profitable. Secondly, if the market is large, it's better to track the rule of 40, i.e., at a faster growth rate it's fine to have some EBDITA negative margins, as long as it adheres to the rule of 40 and unit economics," says Batti.
The company also finds mention in the Hurun India Future Unicorn List 2022, and recently raised a $90 million Series D funding round led by SoftBank Vision Fund. On the future plans, Batti says, "We plan to grow 2.5x in Asia-Pacific by next year with assistance from strategic hires in Australia, Singapore, Japan & India, and look to grow over 70% YOY globally. We are thrilled to maintain our leadership in this market as a global SaaS start-up in the Digital Adoption Platform industry."Factsheet
● Year of inception - 2014
● No. of employees – 800+ employees
● External funding received so far - $139.8 million
● Major clients – ICICI Bank, Axis Bank, Decathlon International, Wipro, Columbia Asia Malaysia, Tech Mahindra, Infosys, Mahindra Comviva.
● Any IP developed/patented: 2