Whatfix allocates $ 4.3 million for first ESOP buyout
BENGALURU: Software as a service (SaaS) platform Whatfix has launched an employee share ownership plan (ESOP) of $ 4.3 million (around Rs32 crore) for its employees, the company said on Tuesday .
Through the buyout, Whatfix will offer employees the opportunity to liquidate up to 35% of their acquired ESOPs.
This is the first buyout by the company where more than 80% of the 175 eligible employees have chosen not to liquidate their acquired shares, the company said in a statement.
Current and former employees will enjoy the value of the shares at the Series D, undiscounted valuation of the company.
Last month, Whatfix raised $ 90 million in its Series D funding round led by SoftBank Vision Fund 2, with participation from existing investors Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments.
With the fundraising, the company’s valuation stands at nearly $ 600 million, the company told Mint.
“Today Whatfix is a leading digital adoption platform (DAP) and this success is the result of the incredible work done by our employees. Even though the world has seen unprecedented challenges, our employees have managed to make this period one of the highlights for us. It is important that as we grow, our employees grow with us. Through this ESOP buyout, we thank and reward our employees, ”said Khadim Batti, co-founder and CEO of Whatfix.
The eight-year-old startup is a digital adoption platform that helps businesses create and integrate interactive how-tos on a website or web application, while helping to accelerate the software adoption journey for customers. final. Through its product line, the company also helps companies with performance support, change management and training.
In the past two years, Whatfix claims to have tripled its income. The company has also opened an office in the UK, Germany and Australia and has 500 employees in six global offices.
Whatfix has 500 customers worldwide. Its customers include the Dutch Red Cross, Experian, Sentry Financial Services and Bausch & Lomb.
Never miss a story! Stay connected and informed with Mint. Download our app now !!