Enterprise software platform Whatfix has posted a net loss of Rs 706.2 crore for FY22 compared to Rs 187 crore in FY21, mainly due to higher expenses.
The company's operating revenue came in at Rs 172.4 crore in the fiscal year 2022, up 73% against Rs 99.6 crore in FY21, regulatory filings obtained by VCCircle showed.
According to a statement by the company, FY22 operating loss came in at Rs 249 crore, after accounting for finance costs (compulsory convertible preference shares) worth Rs 457.7 crore. Whatfix's operating loss for FY22 is a result of significant strategic investments in people, technology and marketing activities to fuel growth.
The cost for advertisement promotion and software maintenance stood at Rs 75.47 crore and Rs 26.25 crore respectively.
Interestingly, Whatfix earned Rs 20.52 crore as other income, which is attributed to interest on fixed deposits and the sale of current investments in FY22.
Recently, Whatfix appointed three strategic hires to drive growth in the APAC region: Raj Sundarason joined as the Leader for Asia Pacific and Japan; Sameer Mishra named VP and Head of Sales for India and Southeast Asia; and Manojkumar Narayanakurup was named the VP and Global Head for Services Partnerships and Alliances.
The company has set up five offices across India, Singapore, and Sydney. Whatfix counts ICICI Bank, Decathlon International, Wipro Limited, Columbia Asia Malaysia, Omron, The University of Sydney, Axis Bank, and Northern Beaches Council as its clients.
In June 2021, Whatfix raised $90 million as part of its Series D funding round led by SoftBank Vision Fund 2.
Whatfix, owned by Quicko TechnoSoft Labs Pvt Ltd, was founded in 2014 by Khadim Batti and Vara Kumar. Before this funding, the startup had raised $32 million in a Series C funding round led by Sequoia Capital India in February last year.
In March 2019, Whatfix raised $13.2 million in its Series B round from F Prime Capital, Cisco and Eight Roads. Before that, in April 2017, it raised $3.6 million in a Series A round led by Stellaris Venture Partners. Helion Ventures and Powerhouse Ventures as well as angel investors participated in that round.
