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

Freshworks is a cloud-based customer service software company founded in 2010, in Chennai, India.[1][2] Freshworks has been recognized in various industry reports, including the Forbes Cloud 100 and Gartner Magic Quadrant for Customer Engagement Center CRM.[3]

The company provides cloud-based tools for customer relationship management (CRM) and IT service management (ITSM). As of October 2023, Freshworks has over 60,000 business clients. Among these, more than 51,000 are small and medium-sized businesses (SMBs), defined as companies with no more than 250 employees.[4]

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

History

Founded by Girish Mathrubootham and Shan Krishnasamy[3][9] on October 13, 2010, Freshworks 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 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. This change was part of their strategy to become a multi-product company and avoid limiting their brand to just helpdesk solutions[13]. In 2018, the company achieved annual recurring revenue of over $100 million and launched a product suite called Freshworks 360.[14]

Freshworks was listed at number 40 on Forbes Cloud 100 between 2017 and 2019.[15] The company's annual recurring revenue was reported as over $200 million in 2020, and was listed at number 16 on Forbes Cloud 100, over $300 million in 2021, and $400 million in 2022.[3] In 2023, Freshworks has set a goal of $1 Billion total revenue by 2026.[4]

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] The stock price peaked at $50.25 per share, 39% higher than the IPO price, on October 22, 2021, before plummeting to a low of $11.30 on June 17, 2022.[16]

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. 1 2 3 4 Gauri (30 August 2021). "IPO time: Innovative company Freshworks files for USD 100 million IPO". Inventiva. August 30, 2021. Retrieved 2023-04-12.
  4. 1 2 DeFrancesco, Robert. "Freshworks Looks To Gain Market Share In IT Service Management". Forbes. Retrieved 2024-01-09.
  5. 1 2 3 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. ↑ "The Freshworks Story - Why we rebranded our company". Thoughts on Refreshing Business Software. 2017-06-06. Retrieved 2024-01-09.
  14. ↑ Aparajitha Nair. "Freshworks' Journey From A Single Product To Taking On The SaaS Giants". dutchuncles. May 17, 2021. Retrieved 2023-04-12.
  15. ↑ "Freshworks". forbes. Retrieved 2023-04-12.
  16. ↑ https://www.google.com/finance/quote/FRSH:NASDAQ?sa=X&sqi=2&ved=2ahUKEwiszf309oeDAxWTE1kFHS7OA-UQ3ecFegQIcBAX&window=5Y
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