Chennai-based SaaS company Freshworks Inc is filed an IPO in the United States of America for 100 Million dollars. The company was marked as the first SaaS industry and second after Sify from the city to file IPO in the US.
Freshworks has announced plans to list its shares on the New York Stock Exchange (NYSE: FRSH) under the ticker symbol “FRSH” and intends to raise to $100m by listing them on the Nasdaq Global Select Market.
SaaS Unicorn Freshworks files papers for $100-m IPO in the US
Freshworks is one of a growing list of Indian unicorns that make their impact on public markets. These include Paytm, PolicyBazaar insurgents, and Nykaa beauty marketplace, which are important financial businesses. The merchant fintech Pine Labs is likewise aiming for an exchange list in 2022 in the United States.
The SaaS unicorn, recently valued at $3.5 billion in November 2019, claimed that a portion of the net revenue would also be used to acquire or to invest in similar companies, products, services, or technology.
Until now, Freshworks has attracted financing from such companies as Accel, CapitalG, Sequoia India, and Tiger Global Management of more than $ 327 million, respectively. In 120 countries, it has more than 52,500 clients.
From a 700 ft2 storage facility in Chennai in 2010, the goal of the firm was to develop a ‘fresh’ assistance desk in reaction to Girish Mathrubootham‘s bad customer care experience. It is the first SaaS Unicorn in India to take on an IPO at this moment.
It is fascinating to mention that the code name for IPO was Project SuperStar due to Freshworks co-founder and CEO Mathrubootham’s passion for superstar Rajinikanth.