Freshworks-The first Indian Startup to be listed on NASDAQ raised $1.03 Bn
Freshworks is a SaaS startup company commenced as Freshdesk, in Chennai, October 2010 by Girish Mathrubootham and Shan Krishnasamy.
Freshworks, an online cloud-based customer support software helps desk support with customer management, including a messaging platform and an AI-powered customer service chatbot.
"Delight Made Simple"- This simple phrase serves as a guide for what Freshworks want to make possible for businesses. Freshworks allows companies to quickly and simply delight their customers and employees. Deep user involvement and laser-like attention to the user experience are drivers for increased paid adoption within companies.
In June 2017, it chose to rebrand as Freshworks to reflect the company's expanding software package. Freshworks headquartered in San Mateo, California claims to have over 52,500 clients worldwide from 13 global offices and generated $169 million in sales in the first half of 2021. Since the first half of 2020, the company's revenue has surged by about $60 million.
In 2020, the company's sales increased by about 45% to nearly $250 million. During the year, however, its losses increased by 84% to $57.3 million. Freshworks narrowed its net loss to $9.84 million for the six months ended 30 June, down from $57 million a year earlier.
Freshworks have become the first Indian software-as-a-service (SaaS) company to float in a US market, trading under the symbol FRSH on the Nasdaq Global Select Market. In its Nasdaq debut on 22 Sep 2021, the business was valued at $12.2 billion after shares started 21% higher than the company's listing price of $36 per share, raising more than $1.03 billion from investors in its initial public offering. The Salesforce competitor's stock opened at $43.50 per share, up from the IPO price of $36.
Freshworks increased the price of its initial public offering (IPO) to $36 per share, up from a previous price range of $32-$34 per share, indicating high investor demand. Freshworks has surpassed application program interface (API) development platform Postman, which was recently valued at $5.6 billion, and mobile application testing platform BrowserStack, which was valued at $4 billion this year, as the most valuable SaaS business from India.
Freshworks has obtained around $327 million in funding from Accel, CapitalG, Sequoia India, and Tiger Global Management so far.
Mathrubootham said that the IPO has given him a tremendous sense of success, given that more than 76 percent of Freshworks' employees own shares in the company. He added, "more than 500 of our employees in India are now crorepatis, with over 70 of them being under the age of 30".
The IPO is expected to offer Indian startups a boost in their efforts to develop products for worldwide markets. Freshworks is one of the many Indian IT businesses hoping to go public in the coming months.
“If your startup solves a problem, when you launch, you’ll have an audience that cares about your company. And then they will tell other people because they care about that problem, too,” -founder and CEO Melanie Perkins.
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