Whatfix Private Limited
Whatfix Private Limited
INE12EG01013
Incorporation Date: 14-Oct-2010
Listing Status: DRHP Not Filed
About Whatfix Private Limited
Overview of Whatfix Private Limited
Whatfix Private Limited
Whatfix Private Limited is an enterprise software company focused on digital adoption, application analytics and software training. Founded in 2014, the company helps organisations maximise the value of their enterprise software by enabling employees and customers to use complex applications more effectively. Its platform combines Digital Adoption Platform (DAP), Product Analytics and Whatfix Mirror, supported by AI-powered capabilities for in-app guidance, workflow optimisation, user training and behavioural insights.
🏢 Introduction & Infrastructure
Established: 2014.
Founders: Khadim Batti and Vara Kumar.
Core Business: Enterprise SaaS focused on digital adoption and software-user productivity.
Global Presence: Serves customers across 30+ countries.
Customer Base: More than 700 customers, including large global enterprises.
Technology Infrastructure: Cloud-based enterprise platform supporting web, desktop and mobile applications.
Product Infrastructure: Integrated ecosystem combining digital adoption, product analytics and simulation-based training.
Enterprise Support: Provides continuous customer support and enterprise-grade security and compliance capabilities.
⚙️ Business Model & Operational Verticals
Whatfix operates a B2B enterprise SaaS model, providing software platforms to organisations that want to improve adoption, usage and productivity across their digital applications.
1. Digital Adoption Platform — Core Vertical
Whatfix DAP provides contextual assistance directly inside enterprise applications through:
Step-by-step in-app guidance
Interactive Flows
Smart Tips
Pop-ups
Task Lists
Self Help
Workflow guidance
Guidance analytics
The objective is to help employees complete tasks correctly without having to leave the application for separate training or support.
2. Product Analytics
No-code event tracking
User-behaviour analysis
Session replay
Workflow analysis
Real-time user cohorts
Conversion and funnel analysis
AI-powered identification of friction points
In-app surveys and feedback
This allows enterprises to understand how users actually interact with their software and where they face difficulties.
3. Whatfix Mirror
Creates simulated versions of enterprise applications.
Enables employees to practise software workflows in a risk-free environment.
Supports guided simulations.
Provides AI-powered role-play and training.
Includes assessments and training analytics.
This is particularly relevant for employee onboarding, software training and high-risk workflow preparation.
👥 Management Structure
Whatfix was founded by Khadim Batti and Vara Kumar in 2014. The company has developed from its initial digital-adoption offering into a multi-product enterprise SaaS platform.
Khadim Batti — Co-founder and Founding Chief Executive Officer.
Vara Kumar — Co-founder.
Supported by senior leadership across customer success, product, technology, information security, solutions, business applications and global operations.
The company operates with a professional management structure supporting its global enterprise customer base.
📦 Key Product & Platform Portfolio
| Product / Platform | Key Offering |
|---|---|
| Whatfix DAP | Digital adoption and in-app guidance |
| Flows | Step-by-step interactive workflow guidance |
| Self Help | Contextual, on-demand user support |
| Smart Tips | In-application contextual assistance |
| Guidance Analytics | Measurement of guidance engagement and workflow performance |
| Product Analytics | Application usage and behavioural analytics |
| AutoCapture | No-code collection of user interaction data |
| Session Replay | Visual analysis of user journeys |
| Whatfix Mirror | Application simulations and hands-on training |
| AI Role Play | AI-powered interactive training scenarios |
| AI Assessments | Training readiness and performance measurement |
🤖 AI & Technology Capabilities
AI is increasingly integrated across Whatfix's product ecosystem to improve both software adoption and user intelligence.
AI-assisted content authoring.
AI-powered guidance and contextual assistance.
AI analysis of user behaviour.
Identification of workflow friction and adoption gaps.
AI-generated insights and recommendations.
AI-powered role-play and simulated training.
Automated content management and support.
Real-time behavioural analysis through Product Analytics.
🔄 Digital Adoption & Workflow Capabilities
Whatfix addresses a common enterprise challenge: organisations invest heavily in software but employees may not fully adopt or efficiently use those applications.
Its platform therefore connects training → in-app guidance → user behaviour analysis → optimisation.
The system can identify where users struggle, provide contextual guidance within the application and then measure whether that intervention improves adoption and workflow performance. This creates an integrated digital-adoption cycle across enterprise applications.
🌐 Customer & Industry Ecosystem
Whatfix serves organisations across a broad range of industries and enterprise functions, including:
Banking & financial services
Healthcare
Insurance
Pharmaceuticals & life sciences
Education
Public sector
Enterprise technology
Sales
Human resources
Learning & development
Procurement
IT and business operations
Its solutions can be deployed across enterprise applications such as CRM, ERP, HCM, ATS, CLM and Source-to-Pay platforms.
⭐ Key Business Highlights
Founded in 2014 and developed into a global enterprise SaaS platform.
Focused on the growing digital adoption and enterprise software optimisation market.
More than 700 customers across 30+ countries.
Multi-product platform combining Digital Adoption Platform, Product Analytics and Whatfix Mirror.
Uses AI to connect user guidance, behavioural analytics and software training.
Helps enterprises improve software adoption, employee productivity and workflow execution.
Supports web, desktop and mobile applications.
Serves multiple enterprise functions and industries rather than being dependent on a single software category.
Increasingly positioned as a broader enterprise user-intelligence and digital-adoption platform, rather than only an in-app guidance provider.
Insights of Whatfix Private Limited
Whatfix Private Limited
1. Financial Highlights
| Particulars | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹656.35 Cr | ₹556.74 Cr | +17.9% |
| EBITDA | ₹-115.43 Cr | ₹-226.50 Cr | Loss reduced by 49.0% |
| EBITDA Margin | -17.6% | -40.7% | +23.1 pp |
| Finance Cost | ₹1.94 Cr | ₹2.87 Cr | -32.4% |
| PAT | ₹-122.23 Cr | ₹-227.22 Cr | Loss reduced by 46.2% |
Key Financial Insights
Revenue grew 17.9% to ₹656.35 Cr in FY26, indicating continued expansion of the business.
Operating losses reduced significantly, with EBITDA loss narrowing from ₹226.50 Cr to ₹115.43 Cr. EBITDA margin improved from -40.7% to -17.6%.
PAT loss narrowed 46.2%, from ₹227.22 Cr to ₹122.23 Cr, showing a meaningful improvement in overall profitability, although the company remained loss-making in FY26.
2. Capital Structure & CCPS Details
| Particulars | FY26 | FY25 |
|---|---|---|
| Equity Shares | 59,085 | 58,584 |
| CCPS Outstanding | 2,38,370 | 2,25,170 |
| CCPS Increase | +13,200 | — |
| CCPS Conversion Ratio | 1:1 | 1:1 |
| Equity Shares After CCPS Conversion | 2,97,455 | 2,83,754 |
Important Capital Structure Points
The company has a significant CCPS component relative to its existing equity share count.
CCPS outstanding increased by 13,200 shares in FY26, primarily reflecting the increase in Series E CCPS from 13,201 to 26,401 shares.
At the stated 1:1 conversion ratio, the FY26 CCPS would translate into 2,38,370 equity shares, taking the total potential equity share count to 2,97,455 shares.
The preference shares carry a 0.001% cumulative preferential dividend, while equity shares had no dividend during the period.
3. Key Company Developments
Whatfix recorded strong double-digit revenue growth in FY26 while simultaneously reducing its operating loss substantially.
Employee benefit expense declined from ₹504.90 Cr to ₹445.38 Cr, despite revenue increasing, contributing to the improvement in operating performance.
Finance costs also declined from ₹2.87 Cr to ₹1.94 Cr, providing some additional support to the bottom line.
The company's FY26 performance therefore shows a movement toward better operating efficiency and lower cash-cost intensity, although profitability has not yet been achieved.
4. Industry Insights & Trends
The digital adoption and enterprise software market continues to focus on automation, employee productivity, digital workflows and AI-enabled enterprise applications.
For companies such as Whatfix, revenue growth needs to be accompanied by improving operating leverage because employee and technology-related expenses can remain significant during expansion.
The key financial transition to monitor is whether continued revenue growth can eventually translate into positive EBITDA and sustainable PAT.
5. Peer Comparison
| Company | Business Focus | Latest Revenue* | Profitability Profile* |
|---|---|---|---|
| Whatfix | Digital Adoption Platform / Enterprise Software | ₹656.35 Cr | EBITDA: ₹-115.43 Cr |
| Freshworks | SaaS / Customer & Employee Experience Software | — | Profitability has improved over time |
| BrowserStack | Software Testing / Developer Tools | — | Private company; detailed comparable financials not directly available |
| Chargebee | Subscription Billing / SaaS | — | Private company; detailed comparable financials not directly available |
*Whatfix figures are based on FY26 consolidated financials provided. Comparable private-company financials are not presented where directly comparable latest figures were not available in the supplied data.
6. Key Takeaways
Revenue growth remains strong: FY26 revenue increased 17.9% to ₹656.35 Cr.
Loss reduction is the major financial development: EBITDA loss narrowed by 49%, while PAT loss narrowed by 46.2%.
Capital structure is important: The company has 2,38,370 CCPS outstanding, convertible into equity on a 1:1 basis, creating a potential total share count of 2,97,455 shares after conversion.
Profitability remains the key watchpoint: Despite significant improvement in FY26, Whatfix continues to report an EBITDA and PAT loss, making the pace of operating leverage and eventual profitability important going forward.
Financial Charts of Whatfix Private Limited
Balance Sheet of Whatfix Private Limited
Profit and Loss of Whatfix Private Limited
Ancillary of Whatfix Private Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Whatfix Private Limited
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How to buy Whatfix Private Limited?
Below are three ways through which you can purchase Whatfix Private Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Whatfix Private Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Whatfix Private Limited?
Below are three ways through which you can sell Whatfix Private Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Whatfix Private Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Whatfix Private Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Whatfix Private Limited is ₹200000 and your sell price for Whatfix Private Limited is ₹150000. The price is based on our estimates and market conditions.
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What is the lock-in period of Whatfix Private Limited?
The lock-in period for Whatfix Private Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Whatfix Private Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Whatfix Private Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Whatfix Private Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Whatfix Private Limited. The price is also determined from the most recent funding round for Whatfix Private Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Whatfix Private Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Whatfix Private Limited with us kindly click here.
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What are the financials of Whatfix Private Limited?
The financials of Whatfix Private Limited which includes the P/L of Whatfix Private Limited and the Balance Sheet of Whatfix Private Limited is in the financials section (Click on link).
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Where can I find the annual report of Whatfix Private Limited?
The annual report of Whatfix Private Limited is available in the annual report section (Click on link).
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Is buying Whatfix Private Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Whatfix Private Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Whatfix Private Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Whatfix Private Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Whatfix Private Limited?
At Altius Investech, our approach to sourcing Whatfix Private Limited unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Whatfix Private Limited unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Whatfix Private Limited from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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