Freshworks Company Nearly 500 Indian Employees Just Turned Crorepatis

Sep 24, 2021, 12:52 IST

The software company's stock closed at $47.55 in New York trade on Wednesday, giving it a market worth of $13 billion.

Freshworks was founded in India and moved to Silicon Valley to be closer to customers.

Business News: Freshworks, a software firm, debuted on the Nasdaq stock exchange on Wednesday following a billion-dollar IPO, making it the first Indian SaaS company to do so. Freshworks was started in India by Girish Mathrubootham and Shan Krishnasamy in 2010 and relocated to Silicon Valley to be closer to clients. The firm, which is now located in San Mateo, California, employs a sizable staff in Chennai.

Freshworks stock jumped 32% after the company raised $1 billion in an IPO priced above its advertised range. The software company's stock finished at $47.55 in New York trade on Wednesday, giving it a market worth of $13 billion.

"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," Mathrubootham tweeted.

Freshworks' successful debut has resulted in over 500 employees in India becoming crorepatis, with about 70 of them being under the age of 30.

Freshworks employs 4,300 people worldwide, with 76 per cent of those owning stock in the firm.

Mathrubootham highlighted that the business, which has received financing from Accel and Sequoia Capital, has a unique strategic edge in India because of its access to top talent in Chennai, Bengaluru, and Hyderabad.

"We are growing at a pretty healthy clip at more than 45 per cent...We have more than 52,000 paying customers globally across 120-plus countries... more than 13,000 of those customers are paying us over USD 5,000 in annual recurring revenue," he said.

"What I am super happy about is what this means for India SaaS. We have a whole next set of entrepreneurs and founders who are building companies that are scaling nicely, and we all want to share this dream of India as a prospect nation, and I'm excited to see the next set of companies go public, and we want to see more global product companies from India," he said.