B2B SaaS startup Whatfix managed to cut its net loss by 53% in the financial year ended March 31, 2023 by bringing down its expenses. The startup posted a net loss of INR 328.33 Cr in the financial year 2022-23 (FY23) as against a loss of INR 706.26 Cr in FY22.
The Softbank-backed startup’s operating revenue rose 65.14% to INR 284.74 Cr in FY23 from INR 172.42 Cr in FY22.
Meanwhile, total income jumped 57.54% to INR 303.96 Cr from INR 192.94 Cr in FY22.
Founded in 2013 by Khadim Batti and Vara Kumar, Whatfix earns revenue by selling subscriptions and professional services to other businesses. The digital adoption platform offers solutions for onboarding new customers, effective training and better support to users through contextual content display at the time of need.
The startup claims to offer its solutions to several Fortune 500 companies.
The Expenditure Breakdown
The Bengaluru-based startup’s total expenses fell 29.65% to INR 631.31 Cr in FY23 from INR 897.39 Cr in the previous fiscal year.
Sharp Decline In Finance Costs: Whatfix reduced its finance costs by x% to INR 152.24 Cr in FY23 from INR 457.37 Cr in FY22. Total non-current financial liabilities declined to INR 32.40 Cr from INR 1,240.38 Cr at the end of FY22.
Employee Costs Shoot Up: Whatfix’s employee benefit expenses rose 41.26% to INR 416.07 Cr in FY23 from INR 294.53 Cr in the previous fiscal year.
Meanwhile, cash and cash equivalents declined 60.13% to INR 150.87 Cr at the end of FY23 from INR 378.45 Cr a year ago.
Whatfix has raised a total funding of nearly $140 Mn till date. Besides SoftBank, the startup counts the likes of Sequoia Capital, Eight Roads Venture, F-Prime Capital, Anupam Mittal, Cisco Investments, and Helion Ventures among its investors. It was last valued at $600 Mn.
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