Freshworks lists on Nasdaq

By Laura Berrill
Freshworks creates history with Nasdaq listing, boosts IPO and seeks $10 bn+ valuation

Freshworks Saas solutions provider, founded in 2010 in a tiny warehouse in a Chennai suburb, debuted on Wall Street today. It will be listed on Nasdaq under the symbol “FRSH” and aims to raise nearly $1.13bn. 

The company has also hiked its IPO price again for the second time in a week. It has now fixed the price of $36/share versus $32-34/share two days ago and $28-32/share last week. It is now seeking a valuation of more than $10 billion - up from the $9bn valuation it was seeking a week back. 

It was last valued at $3.5 billion in 2019. It has disclosed in its filings that it may use the IPO net proceeds to acquire complementary businesses, products, services, or technologies.

First Indian SaaS to list on Nasdaq

Freshworks is the poster boy of India's SaaS story. It is the first SaaS company from India to become a tech ‘unicorn’ in 2018. This year it will become the first SaaS firm originally from India to list on the Nasdaq.

Its founder and chief executive Girish Mathrubootham teamed up with Shan Kirshnasamy to start what was then called Freshdesk.    

Today it is in the position to  compete with leading SaaS firm, Salesforce. The company offers integrated solutions for customer management, including a messaging platform, artificial intelligence-powered chatbots and call centre solutions. It also automates repetitive tasks and manages HR functions like hiring and tracking employee data. The company has more than 52,000 customers and counts marquee names like Accel, Tiger Global and Sequoia as its investors.

 

Share

Featured Articles

Cloud & 5G - Day 2 highlights from the in-person stage

TECH LIVE LONDON returned to the Tobacco Dock last week. Stage host and Technology Magazine Editor in Chief, Alex Tuck, breaks down the presentations

Cloud & 5G - Day 1 highlights from the in-person stage

TECH LIVE LONDON returned to the Tobacco Dock last week. The stage host and Technology Magazine Editor in Chief, Alex Tuck, discusses the key themes

TECH LIVE LONDON: Day 2 highlights of the hybrid tech show

We take a look at some of the highlights of our final day at the Tech Live London show, including insights from Claroty, SalesForce and Oracle

TECH LIVE LONDON: An overview of the hybrid technology show

Digital Transformation

TECH LIVE LONDON: Begins tomorrow at 10am!

Digital Transformation

Executive Q&A: Marc Lueck, CISO EMEA, Zscaler

Cloud & Cybersecurity