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SaaS Company Freshworks Valued at $10 Billion in IPO Led by Indian American

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Girish Mathrubootham, CEO and founder of Freshworks

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SAN MATEO, CA- San Mateo, California-based Freshworks, a rival of Salesforce, launched its initial public offering Sept. 22 in New York, with a value of more than $10 billion.

CNN Business reports that the company, founded in Chennai in 2010, said it has priced 28.5 million shares of common stock at $36 each, raising a little over $1 billion in its IPO in New York.

The company noted that its shares would start trading on the Nasdaq under the stock ticker FRSH.

The company is India’s best-known software-as-a-service, or SaaS, firm, and it joins a string of other high-profile startups from the country that have gone public or announced intentions to go public this year, the report said.

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Freshworks provides software to help businesses manage relations with their customers, according to the company.

Freshworks is now headquartered in San Mateo, but the majority of its engineering staff is still based in Chennai, in southern India.

SaaS companies provide web-based applications that take care of everything from how secure the software is to how well it performs, the CNN report notes.

Investors have begun to pump money into Indian SaaS companies, as they believe that they could be the country’s next big thing in tech, the report said.

The majority of Indian SaaS companies serve international clients — Freshworks’ first client was in Australia. The company has raised funds from investors such as Tiger Global and Accel, and has more than 50,000 customers.

“We weren’t founded in Silicon Valley. We didn’t target large enterprises. We didn’t have access to a been-there-done-that talent pool,” said Girish Mathrubootham, CEO and founder of Freshworks, in the company’s IPO filing. “I’m very proud that Freshworks is a pioneer of Indian entrepreneurship, and of our ability to blend the art of Indian design with the science of Silicon Valley scaling,” Mathrubootham added in the report.

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