Freshworks

Freshworks is a cloud-based customer service software company founded in 2010 in Chennai, India.[1][2] Freshworks has received multiple awards and has been listed on the Forbes Cloud 100 and Gartner Magic Quadrant for Customer Engagement Center CRM report.[3]

Freshworks
TypePublic
Industry
Founded2010 (2010)
FounderGirish Mathrubootham
HeadquartersSan Mateo, California
Area served
Worldwide
Key people
Girish Mathrubootham (CEO)
Productscustomer relationship management (CRM) and IT service management (ITSM) tools
ServicesOnline office suite, online business management tools
Websitewww.freshworks.com

The company provides cloud-based tools for customer relationship management (CRM) and IT service management (ITSM). It has a customer base of over 52,000 clients in more than 100 countries.[4]

On September 22, 2021, Freshworks made history by becoming the first Indian SaaS company to be listed on Nasdaq.[5] The company successfully raised $1.03 billion[5][6] through its initial public offering, following earlier funding rounds from top-tier venture capital firms, including Accel and Google's venture capital fund, CapitalG.[7][8]

History

Freshworks is a software company that was founded on October 13, 2010 by Girish Mathrubootham and Shan Krishnasamy[3][9] and moved its headquarters to San Mateo, California, in 2018.[5] The company focuses on developing cloud-based customer service software and has undergone multiple rounds of funding from well-known investors such as Accel, Tiger Global Management, and Sequoia Capital.[10]

During its development, Freshworks acquired three other companies, 1CLICK.io, Konotor, and Frilp, in 2015.[11] In 2016, the company launched its second product, Freshsales, a customer relationship management (CRM) software.[12]

In 2017, Freshdesk officially changed its name to Freshworks Inc. In 2018, the company achieved annual recurring revenue of over $100 million and launched a product suite called Freshworks 360.[13]

Freshworks was listed at number 40 on Forbes Cloud 100 between 2017 and 2019.[14] In 2020, the company achieved annual recurring revenue over $200 million and was listed at number 16 on Forbes Cloud 100; in 2021, it achieved annual recurring revenue over $300 million, and in 2022 this had grown to $400 million.[3]

Initial public offering

On September 22, 2021, Freshworks made its debut on Nasdaq with a valuation of $13 billion at the close of its first trading day. The company raised $1.03 billion by selling 28.5 million shares at $36 per share. The shares opened at a 21% premium to the IPO price and closed the day 32% higher, at $47.55.[3]

References
  1. "Salesforce rival Freshworks aims for nearly $9 bln valuation in U.S. IPO". Reuters. September 13, 2021. 13 September 2021. Retrieved 2023-02-13.
  2. RAJIV SINGH. "Accel India: Decoding Founders' Mentality To Spin Success". Forbes India. Jan 18, 2021. Retrieved 2023-02-13.
  3. Gauri (30 August 2021). "IPO time: Innovative company Freshworks files for USD 100 million IPO". Inventiva. August 30, 2021. Retrieved 2023-04-12.
  4. Sharma, Disha. "How SaaS poster boys Zoho and Freshworks ended up in a drag-out fight over alleged theft of ideas". The Economic Times. Retrieved 10 May 2021.
  5. Anu Raghunathan (September 24, 2021). "Nasdaq Listing Of Freshworks Creates Windfall For Indian Founder And Hundreds Of Employees". Forbes.com. Retrieved September 25, 2021.
  6. "Freshworks will make good on its IPO success with an Olympics-style work ethos". Yahoo! Finance. September 23, 2021. Retrieved September 25, 2021.
  7. "Salesforce rival Freshworks aims for nearly $9 bln valuation in U.S. IPO". Reuters. September 13, 2021. Retrieved September 25, 2021.
  8. "Accel India: Decoding Founders' Mentality To Spin Success". Forbes India. Retrieved 2021-02-07.
  9. Anu Raghunathan. "Nasdaq Listing Of Freshworks Creates Windfall For Indian Founder And Hundreds Of Employees". Forbes.com. Retrieved 2023-02-13.
  10. By Niket Nishant, Reuters (22 September 2021). "Freshworks' share price surges 21% over IPO, market cap at $12.2 billion". Economic Times. Sep 22, 2021, 11:35 PM. Retrieved 2023-04-12. {{cite news}}: |last1= has generic name (help)
  11. SNEHA BANERJEE (18 October 2016). "Freshdesk's 6th acquisition is an AI-based Chatbot Platform". Entrepreneur. OCT 18, 2016. Retrieved 2023-04-12.
  12. Suparna Dutt DCunha (2 June 2021). "Company Close-up: A Fresh Start To Customer Engagement". Martechvibe. June 2, 2021. Retrieved 2023-04-12.
  13. Aparajitha Nair. "Freshworks' Journey From A Single Product To Taking On The SaaS Giants". dutchuncles. May 17, 2021. Retrieved 2023-04-12.
  14. "Freshworks". forbes. Retrieved 2023-04-12.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.