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Over 500 employees of Freshworks, 70 of them below 30 years of age, have become crorepatis, with the market capitalisation of the SaaS startup crossing $13 billion on its debut on Nasdaq after getting listed on Wednesday.
“I feel like an Indian athlete who has won a gold medal at the Olympics,” the co-founder and CEO of the company, Girish Mathrubootham, was quoted as saying by the media before ringing the bell at Nasdaq.
A news website quoted Mathrubootham as saying, “I truly believe that wealth has to be shared with the people who created it, not just for the founders to get richer. More than 500 of our employees in India are crorepatis. I believe that it is well deserved and they all earned it as they all contributed to the growth.” The SaaS-based startup has 4,300 employees.
First Indian SaaS firm on Nasdaq
According to the Business Standard, the Freshworks stocks were trading at around $46.24 a share, at one point on Wednesday, taking its market capitalisation to over $13 billion. The stock opened at $43.50 apiece as against the IPO price of $36.
Freshworks joined the select group of Indian companies, including Infosys, Wipro, WNS, Dr Reddy’s and HDFC Bank, to be trading on a US stock exchange. It is the first Indian SaaS company to get listed on Nasdaq.
Bright Future
The Economic Times quoted Mohit Bhatnagar, managing director at Sequoia Capital, which has invested in Freshworks, as saying, “It’s going to stiffen the spine and provide immense belief that we can build very large $10 billion-plus companies from India by building products in India for the world.”
Mathrubootham said Freshworks is now serving some 52,500 customers and has reported a 53% jump in its revenues at $169 million in the six months ended June 30, 2021.
“I am excited about what this means for India. We have a whole list of entrepreneurs who are building companies. We all share the dream of seeing India as the next product nation. I am excited to see the next set of companies.” The Chief Financial Officer of the company, Tyler Sloat, said that Freshworks was aiming to raise around $1 billion through the IPO.
Interestingly, Freshworks started its operations in Chennai with six people way back in 2010.
According to reports, Freshworks is planning to use the proceeds from the IPO for its working capital, operating expenses, and capital expenditure. It is also likely to use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies.