Whatfix assigns $4.3 million for its first ESOP buyback after its Series D fundraise

Digital Adoption Solutions, Whatfix today announced that it has implemented an ESOP buyback of $4.3 million; roughly INR 32 crores for its employees. The company has announced that it will grant its employees the option to liquidate up to 35% of their vested ESOPs. This is the first buyback for the company. But, over 80% of the eligible 175 employees have chosen not to liquidate their vested shares. The company shares that this reinforced trust among its employees about the future of the company.

Commenting on the development, Khadim Batti, Whatfix CEO and CoFounder said, “Today, Whatfix is a leading Digital Adoption Platform (DAP). This success is a result of the amazing work done by our employees. Even as the world experienced unprecedented challenges, our employees managed to turn this period into one of the strongest times for us. It is important that as we continue to grow, our employees grow along with us. Through this ESOP buyback, we are thanking and rewarding our employees for their continued faith in our success.”

Both current and former employees can avail the value of shares at the series D, non-discounted valuation of the company.

Whatfix first ESOP Buyback at Series D valuation

Whatfix recently announced the close of its series D fund. It had raised $90 million in a funding round led by SoftBank Vision Fund II. It also saw the participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. The company has experienced hyper-growth over the last two years, with revenue and headcount tripling. It also opened three new offices in the UK, Germany and Australia. Its customer portfolio includes the Netherlands Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, BMC Software Inc. Bausch & Lomb, and more.

Whatfix currently has 500 employees across six global offices.

Read More: Startup Circle: How is Whatfix leading digital transformation across enterprises?