Nasdaq Debut; 500 Employees Of This IT Firm Are Now Crorepatis In India

Updated: Thursday, September 23, 2021, 10:46 [IST]

Freshworks, a software-as-a-service (SaaS) corporation founded by Girish Mathrubhootam, debuted on the Nasdaq index on Wednesday for $36 per share, making it the first Indian startup in the narrow category to list in the United States.

Mathrubhootam told the Economic Times that his company not only cleared the door for other Indian SaaS startups to go public, but it also created a lot of money for its employees by being listed on the stock exchange.

500 Employees Of This IT Firm Are Now Crorepatis In India After Nasdaq Debut

Freshworks, a software business, debuted on the Nasdaq stock exchange on Wednesday after a billion-dollar IPO, making it the first Indian SaaS company to do so. Freshworks was created in India by Girish Mathrubootham and Shan Krishnasamy in 2010 and relocated to Silicon Valley in order to be closer to consumers. The corporation, which is now situated in San Mateo, California, employs a sizable staff in Chennai.

"Today is a dream come true for me - from humble beginnings in #Trichy to ringing the bell at @Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners, and investors for believing in this dream, tweeted founder and CEO Girish Mathrubootham

In its Nasdaq debut, the enterprise software company was valued at $12.2 billion, with shares opening 21% higher than the IPO price, showing strong demand for the company's stock. Freshworks, based in Chennai, creates software that aids organisations in customer management, such as a messaging platform and a customer service chatbot driven by artificial intelligence.

Mathrubootham and Shan Krishnasamy formed Freshworks, which is based in California. It has more than 50,000 customers, including high-profile enterprises like Delivery Hero SE, Swedish payments provider Klarna, and Cisco Systems, and is supported by Sequoia Capital and Tiger Global Management.

Freshworks sold 28.5 million shares at $36 each in their initial public offering, up from the marketing range of $32-34. Freshworks' stock soared when it was listed, soaring as much as 33% to $48 in the first day of trading on Nasdaq. Freshworks shares will begin trading on the Nasdaq under the symbol "FRSH" on Wednesday.