Freshworks IPO- 500+ employees became crorepatis.
Freshworks sold 28.5 million shares, reaching an intraday high of $48.75 on September 22. More than 500 of its employees in India became Crorepatis when the company’s market capitalization surpassed $13 billion overnight.
Freshworks is an Indian software-as-a-service (SaaS) company founded in 2010 by Girish Mathrubootham and Shan Krishnasamy in Chennai, the headquartered in California.
Freshworks was originally called Freshdesk and was founded in the United States due to the lack of periodic payment solutions in India.
In 2019, this was the first Indian SaaS corporation to acquire a $1 billion valuation.
Broke records by becoming the leading Indian SaaS company, indexed on the Nasdaq Stock Exchange on September 22.
“Today, Freshworks is an international commercial enterprise with 50,000+ customers, sales of more than $ 300 million and a market opportunity of more than $120 billion.
The company has now passed a $10 billion valuation through its IPO.
The stock debuted at $43.5 a share on the NASDAQ, up 21 percent from the stock market price of $36.
In 2015, Freshworks CEO Girish Mathrubootham had told The Economic Times in an interview “I want all my employees to have BMWs,” What he said came true today and the Freshworks IPO turned its more than 500 employees into crorepatis.