Freshworks is the first Indian SaaS startup to be listed in the US after going public for $ 1 billion

Freshworks was on Wednesday the first software startup of Indian origin to be listed on the Nasdaq stock exchange after a multi-billion dollar IPO. The company raised over $ 1.03 billion when it went public.

The company had raised the price of its individual shares from $ 32-34 per share a few days ago to $ 36 per share and to $ 28-32 per share by last week due to strong investor interest. At the current list price, the company has achieved a market cap well in excess of $ 10 billion, as opposed to its previously targeted valuation of $ 9 billion.

In its filings with the US Securities and Exchange Commission earlier this month, Freshworks stated that it had a large addressable market of about $ 120 billion. And the company estimates the annual potential market opportunity for its products at $ 77 billion.

“According to IDC, the markets we address within CRM will represent an opportunity of $ 76 billion by 2025 and the SSM market an opportunity of $ 44 billion,” Freshworks said in its offer.

A valuation of $ 10 billion puts Freshworks at the top of SaaS startups from India, ahead of Postman, which was valued at $ 5.6 billion in its last round, and Browserstack, which was valued at $ 4 billion.

Successful listing also means a Heyday for some of the early supporters of Freshworks. For example, Accel, who competed in the company’s 2011 Series A round, got a stake in the company at $ 0.05 per share. Similar. Tiger Global, which backed the company in its Series B round a year later, had acquired shares at $ 0.14 per share.

Tiger Global PIP VI Holdings and Accel India III (Mauritius) own 26.24% and 25.79% of the company, respectively, according to Freshworks’ files. Sequoia Capital Global Growth Fund III has a 12.26% stake in Freshworks, while the company’s co-founder and CEO, Girish Mathrubootham, holds 7.08%.

Google owns 8.31% of the shares in it. The remaining 20% ​​is owned by other stakeholders, including their second co-founder, Shan Krishnasamy.

Freshworks’ sales for the past twelve months were $ 308 million. More importantly, the net loss has been reduced to $ 9.8 million from $ 57 million last year. According to its own information, the company has more than 52,500 customers worldwide.

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