SaaS-based digital adoption platform Whatfix is in talks with prospective advisors as it plans to list in India in 2026, according to two sources familiar with the situation.

The Bengaluru and San Jose, US-headquartered business is reaching out to advisors and also hearing from incoming enquiries for the advisory mandate, the sources said, with the first adding that a formal beauty parade will follow soon.

Details including an exact IPO size are being discussed, and the listing will comprise of a mix of primary and secondary share sale by existing investors, they said.

In September 2024, the company raised USD 125m via a Series E round led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2, as per its website.

Whatfix has raised a total of USD 266m over 10 funding rounds, according to data from Tracxn. Its other investors include Powerhouse Ventures, F Prime, Peak XV Partners, Cisco and Dragoneer Investment Group, among others, according to its website.

For FY24 ended March 2024, it clocked a revenue of INR 4.2bn (USD 46.8m) and a loss of INR 2.6bn as compared with a topline of INR 2.8bn and a loss of INR 3.2bn in FY23, as per a report by research portal TheKredible.

Established in 2014, Whatfix provides digital adoption platform, product analytics, and user training modules for clientele in segments including banking education, financial services, healthcare, insurance pharmaceutical and the public sector, according to its website.

It has a customer base of over 700 organisations, an employee strength of over 700 across India, Singapore, Australia, Germany, UK and the US, as per its website.

Whatfix did not respond to a request seeking comment.