News: Freshworks becomes first Indian SaaS startup to list on Nasdaq

C-Suite

Freshworks becomes first Indian SaaS startup to list on Nasdaq

Around 76% of Freshworks’ 4,300 employees globally hold stock or equity rewards in the company.
Freshworks becomes first Indian SaaS startup to list on Nasdaq

With the market capitalisation crossing over $13 BN, Freshworks made its debut day at Nasdaq Stock Exchange making it the first Indian SaaS company to list on the American bourse.

The company had announced the pricing of its IPO of 28,500,000 shares of Class A common stock at USD 36 per share. “Today is a dream come true for me – from humble beginnings in #Trichy to ringing the bell at @Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners, and investors for believing in this dream. #Freshworks #IPO #NASDAQ,” Girish Mathrubootham, Founder & CEO, Freshworks tweeted.

Freshworks priced 28.5 MN shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 MN at the top end of its increased price range of $32 to $34 per share.

Around 76 percent of Freshworks’ 4,300 employees globally hold stock or equity rewards in the company. “This IPO has given me the opportunity to fulfil my responsibility to all those employees who have believed in Freshworks for over ten years. This is truly something that India needs to do more often. This is going to have a life-changing impact for many employees,” C added. Interestingly, the company had started its operations in Chennai with only six members in 2010 and had only 500 employees in 2015 before touching the current level.

Freshworks is operating in a massive USD 120 billion TAM (total addressable market). Mathrubootham shared in media, "In fact in the last 12 months, we managed to generate over USD 25 MN in free cash flow. So that combination of revenue scale, growth and efficiency, puts us in a great spot to continue our journey as a public company."

Founded in Chennai, India, in 2010, Freshworks helps businesses with customer management, offering products including a messaging platform, an artificial intelligence-powered chatbot to support IT, customer service, sales, marketers and HR that promise shorter wait times.

ImageCredits: Analytics India Magazine

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