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<ul><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> made its trading debut on US stock exchange Nasdaq on Wednesday and its valuation touched $12 billion.</li><li>The company sold 28.5 million common shares, raising $1 billion in proceeds.</li><li>The CEO says that the IPO created 500 crorepatis in India, 70 of which are under 30.</li></ul>Indian software-as-a-service (SaaS) firm Freshworks made its trading debut on US stock exchange Nasdaq on Wednesday and it was a strong one. The company was valued at $12.2 billion after it opened 21% above the initial offering price of $36 apiece. Shares of Freshworks opened at $43.5. The stock hit an<a href="https://markets.businessinsider.com/news/stocks/freshworks-stock-price-ipo-nasdaq-debut-salesforce-software-crm-2021-9"> intraday high</a> of $48.75 on September 22. Freshworks sold 28.5 million common shares, raising $1 billion in proceeds. Girish Mathrubootham, in interviews with several media outlets, highlighted that the Freshworks initial public offering (IPO) created a lot of wealth for its employees as more than 500 of its employees turned crorepatis (millionaires). He further added that about 70, of these 500 employees, are under the age of 30. "I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve,” he added, in an <a href="https://www.moneycontrol.com/news/business/freshworks-ipo-creates-more-than-500-crorepatis-in-india-with-70-of-them-aged-below-30-7496681.html">interaction </a>with Moneycontrol. The company was valued at $3.5 billion when it raised $150 million funding from investors like Sequoia Capital, CapitalG and Accel in November 2019. The company is also backed by Steadview Capital and Tiger Global Management. It plans to use the proceeds from the offering to acquire complementary businesses, products, services or technology. A part will also be used for general corporate purposes like working capital, operating expenses and capital expenditure. Founded by Mathrubootham and Shan Krishnasamy as Freshdesk in 2010, the company started its journey as a helpdesk software for customer support. It decided to rebrand itself to Freshworks in June 2017 to incorporate the company’s growing software suite. Freshworks claims to have over 52,500 customers across the globe and it reported a revenue of $169 million in the first half of 2021. Compared to the first half of 2020, the company’s revenue has grown by nearly $60 million. SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/south-koreas-crypto-regulations-are-tightening-around-investors-and-exchanges-alike/articleshow/86426452.cms">South Korea’s crypto regulations are tightening around investors and exchanges alike</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-and-space-technologies-ipo-gets-blockbuster-demand-from-investors/articleshow/86422668.cms">Paras Defence and Space Technologies IPO gets blockbuster demand from investor</a> <a href="https://www.businessinsider.in/business/news/experts-say-karnatakas-ban-on-games-of-chance-like-dream11-and-mpl-may-face-a-legal-test/articleshow/86419697.cms">Experts say Karnataka’s ban on games of chance like Dream11 and MPL may face a legal test</a>

Freshworks IPO — 500 crorepatis, $12 billion market cap and more that emerged from India’s first SaaS listing at Nasdaq

<ul><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> made its debut in the US-based Nasdaq on September 22 and it is the first Indian SaaS company to do so.</li><li>Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019.</li><li>The company has now crossed a $10 billion valuation, thanks to its public listing.</li></ul>The Indian software-as-a-service (SaaS) industry had already been growing exponentially since last year, but Freshworks’ public listing at Nasdaq has taken it all to another level. The company, which makes customer engagement software for businesses, was valued at a whopping<a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms"> $12.2 billion </a>after it opened 21% above the initial offering price of $36 apiece. Freshworks sold 28.5 million common shares, hitting an intraday high of $48.75 on September 22. Freshworks was founded over a decade ago by <keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> and <keyword id="2167964" type="General" weightage="20" keywordseo="shan-krishnasamy" source="Orion">Shan Krishnasamy</keyword>. Both the co-founders were former employees of Zoho Corp, which too is one of the biggest SaaS companies in India. Both Zoho Corp and Freshworks are rivals and the biggest players in this industry. Here is a glimpse of Freshworks’ journey so far: <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 910.922px; font-family: Merriweather; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Development </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Early 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Girish Mathrubootham decided to start his entrepreneurial journey. Shan Krishnasamy too decided to join this venture as a co-founder. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">October 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Mathrubootham and Krishnasamy resigned from Zoho Corp. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks, then known as Freshdesk, incorporated in the USA due to lack of recurring payment solutions in India. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Created a team of six people — three developers, one UI/UX designer, one customer acquisition/support engineer and Mathrubootham himself as product manager and CEO. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Raised $1 million in a funding* round led by Accel. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Acquired co-browsing and live video chat provider 1CLICK.io. This was Freshdesk’s first acquisition. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The company crossed 50,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshdesk rebranded to Freshworks. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The platform was used by 100,000 companies in 145 countries. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2018 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks turned unicorn, after raising $100 million at a valuation of more than a billion dollars. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks valued at $3.5 billion, after raising $150 million. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">It crossed 150,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2020 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Zoho Corp filed a lawsuit alleging that Freshworks stole confidential information and built a business out of it. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks filed for $100 million IPO in USA </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks made its debut on Nasdaq and its valuation touched $12 billion. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*Freshworks has raised one funding round every year since 2011. There was a year-long break in 2017, when the SaaS firm did not raise any capital. Freshworks and Zoho’s rivalry took a serious turn in 2020, when Zoho filed a lawsuit <a href="https://economictimes.indiatimes.com/tech/startups/zoho-says-freshworks-intentionally-accessed-database-in-new-us-lawsuit/articleshow/79413070.cms">alleging</a> that Freshworks stole confidential information and built a business out of it. Vembu-led company has also accused Freshworks of poaching its employees and customers. The battle is still ongoing. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. Companies like Zoho, Freshworks, and others are expected to be at the forefront of it. Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019. A year later, the company closed another round at a valuation of $3.5 billion. It is backed by some of the prominent investors across the globe — Sequoia Capital, Tiger Global, Accel, Steadview, CapitalG and more. The company raised another billion dollars through its public issue. It’s valuation also increased over three times to $12.2 billion. The SaaS giant has acquired 13 companies to date including AnswerI1Q, Flint, CanvasFlip, Natero, and Zarget, among others. "I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve,” Mathrubootham said, in an <a href="https://www.moneycontrol.com/news/business/freshworks-ipo-creates-more-than-500-crorepatis-in-india-with-70-of-them-aged-below-30-7496681.html">interaction </a>with Moneycontrol. He further claimed that the <keyword id="11167545" type="General" weightage="20" keywordseo="freshworks-ipo" source="Orion">Freshworks IPO</keyword> has made 500 crorepatis in India, 70 of which are under 30. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/corporates/news/airtel-challenges-telecom-departments-demand-of-1400-crore/articleshow/86260516.cms">Airtel challenges telecom department's demand of ₹1,400 crore</a>

The success story of India’s first SaaS company to be listed in Nasdaq

<ul class="summary-list"><li>Shares of Indian software firm <keyword id="12153608" type="UNKNOWN" weightage="60" keywordseo="freshworks" source="Orion">Freshworks</keyword> jumped as much as 36% in their trading debut on Wednesday. </li><li>The firm priced its initial public offering at $36 per share Tuesday evening.</li><li>Freshworks aims to compete with <keyword id="11892769" type="UNKNOWN" weightage="60" keywordseo="salesforce" source="Orion">Salesforce</keyword> as it tries to disrupt the <keyword id="12153610" type="UNKNOWN" weightage="60" keywordseo="customer-relationship-management" source="Orion">customer relationship management</keyword> market.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/frsh-stock">Freshworks</a> jumped as much as 36% on Wednesday during its Nasdaq debut.The stock hit an intraday high of $48.75 Wednesday. Freshworks on Nasdaq trades under the ticker "FRSH." The firm priced its initial public offering at $36 per share Tuesday evening. Freshworks sold <a href="https://www.prnewswire.com/news-releases/freshworks-announces-pricing-of-initial-public-offering-301382238.html?tc=eml_cleartime">28.5 million common shares</a>, raising $1 billion in proceeds and garnering a valuation of over $10 billion valuation. Founded in India, Freshworks, now a San Mateo, California-based software company, builds customer management platforms that have <a href="https://www.businessinsider.com/former-atlassian-exec-jose-morales-freshworks-2020-10">gained the attention of clients</a> including Honda, Cisco, and American Express.Its business <a href="https://www.businessinsider.com/freshworks-new-cmo-stacey-epstein-growth-2021-3">boomed during the pandemic</a> as companies rushed to digitize most of their customer operations to cater to the growing demand of clients whose employees were mostly stuck at home as large swathes of the world shutdown, founder CEO and Girish Mathrubootham <a href="https://www.businessinsider.com/freshworks-ceo-huge-opportunity-to-disrupt-customer-service-market-2019-11" target="_blank" rel="noopener noreferrer">previously told Insider.</a>Freshworks aims to compete with software behemoth Salesforce as it tries to <a href="https://www.businessinsider.com/freshworks-new-cmo-stacey-epstein-growth-2021-3">disrupt the customer relationship management </a>market, Mathrubootham <a href="https://www.businessinsider.com/freshworks-ceo-huge-opportunity-to-disrupt-customer-service-market-2019-11" target="_blank" rel="noopener noreferrer">added.</a> Though Freshworks is based in the US, the majority of its employees are based in Chennai, India. It has other offices in 10 other locations, including London, Berlin, and Sydney.The idea of Freshworks was borne out of Mathrubootham's frustration with the <a href="https://www.businessinsider.com/freshworks-ceo-huge-opportunity-to-disrupt-customer-service-market-2019-11">lack of response from a moving company</a>, which damaged his television during the process in 2010. More than a decade later, he has grown his firm from just focusing on customer support to one that provides software for every customer interaction."We started in a 700 square foot warehouse in Chennai in 2010," Mathrubootham said in the <a href="https://sec.report/Document/0001628280-21-018866/0001628280-21-018866.txt">regulatory filing</a>. "We didn't plan nor expect to change the world. Our dreams came in increments, each building on the next and expanding our vision over time."Today, the company, among India's first unicorns - startups worth more than $1 billion - and is one of the country's best-known software-as-a-service firms.Morgan Stanley, JPMorgan, and Bank of America Securities acted as lead book-runners for the offering.

Freshworks jumps 36% in trading debut after pricing IPO at $36 per share

New Delhi, The technology industry in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> reached $253.9 billion in revenue with an addition of $9.3 billion incremental revenue in FY2024 (estimated), growing at 3.8 per cent from FY23, a <keyword id="19955786" type="General" weightage="20" keywordseo="nasscom" source="keywords">Nasscom</keyword> report said on Friday. The technology industry added 60,000 net employees in FY2024 (estimated), with a total headcount of 5.43 million. However, the focus on digital skills continued to remain strong with AI, Cloud, data and cybersecurity emerging as top in-demand skills for the industry, the report noted. The Indian tech services export revenue (excluding hardware) is expected to touch $199 billion in reported currency, a growth of 3.3 per cent compared to FY2023. "We do see FY2025 as the year of capability building as the new normal. Navigating the current challenges will require the industry to focus on 4Rs -- Reshape - accelerate transition to AI-first companies; reskill - make talent the biggest competitive advantage; rewire growth and raise IP creation and R&amp;D investments," said <keyword id="19956660" type="General" weightage="20" keywordseo="debjani-ghosh" source="keywords">Debjani Ghosh</keyword>, President, Nasscom. The engineering research and development (<keyword id="20612065" type="General" weightage="20" keywordseo="erd" source="keywords">ER&amp;D</keyword>) sector alone contributed 48 per cent to the total export revenue addition in FY2024. Global Capability Centres or GCCs continue to invest in India, expanding their service portfolios at the same time new GCCs are setting up operations. The industry saw an addition of 53 new GCCs in 2023, the report said. "While headwinds like global economic slowdown, inflation, recessionary fears and geopolitical conflicts continue to pose challenges, we are confident that the industry will bounce back," said <keyword id="20134134" type="General" weightage="20" keywordseo="rajesh-nambiar" source="keywords">Rajesh Nambiar</keyword>, Chairperson, Nasscom. With digital tech spending expected to grow in 2024, "We will also witness emergence of alternative demand source, customer retention, faster go-to-market strategies in newer markets for enterprises," Nambiar added. With continued investments by the government and enterprises in emerging technologies, India's domestic sector emerged as the great propeller. Focus on application development, automation, verticalised products, software-as-a-service (SaaS), data migration for AI and Cloud enterprise spending are some of the notable drivers to this growth, the report showed. "The industry is committing 60-100 hours per year per employee on upskilling," the findings showed.

Tech industry in India hits $254 bn in revenue in FY24, adds 60K employees

<ul><li>Freshworks became the first Indian software-as-a-service (SaaS) firm to get listed on a US exchange by raising $13 billion on its debut day.</li><li>The IPO created 500 crorepatis in India, 70 of them are under the age of 30.</li><li>There are many more reasons why the startup industry is cheering for the <keyword id="11167545" type="General" weightage="20" keywordseo="freshworks-ipo" source="Orion">Freshworks IPO</keyword>.</li></ul>Apparently, the startup world can’t keep calm because not everyday does an Indian software-as-a-service (SaaS) firm get listed on a US exchange by raising $13 billion dollars on its debut day. Icing on the cake is that the Freshworks IPO has also created a whole lot of wealth for its employees. 500 crorepatis (millionaires) in India, 70 of them are under the <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">age of 30</a>. Interestingly, Girish Mathrubootham, co-founder and chief executive officer of Freshworks, who is a big fan of Rajinikanth, names the opening ceremony event on Nasdaq as ‘Project Superstar’ in tribute to the famous Indian actor. There are many more reasons why the startup industry is cheering for the Freshworks IPO launch. Here are a few reactions from the India Inc: Freshworks IPO is a ‘snowball moment’ for India’s SaaS industry "An IPO is one more feather in Freshwork and Girish's hat! I strong believe they would build a long standing institution. The most gratifying part is to see the wealth created for their team, and energy they have helped propel in the India SAAS ecosystem - installing confidence in founders /to-be founders that great companies can be built from scratch. This is a snowball moment for India SAAS, and I am excited that we at Speciale are live and investing in this vibrant and growing startup ecosystem,” — Vishesh Rajaram, founder and managing partner of Speciale Invest This startup accelerator feels this is a Neeraj Chopra moment for the industry "Salesforce was the first SaaS IPO in the world in 2004. It served as a big inflection point for the entire SaaS Industry and which today, after 15 years, has an enterprise value of $2 trillion dollars. Freshworks - as the first Indian SaaS company to go IPO - acts as a similar inspiration to a growing number of SaaS startups from India. Every Indian SaaS founder is cherishing this moment just like the nation celebrated Neeraj Chopra winning Gold at the Olympics,” — Prasanna Krishnamoorthy, partner at Upekkha Value SaaS Accelerator Now the important question is who will achieve this feat next? "Successful listing of Freshworks on NASDAQ is a “Eureka” moment for the B2B SaaS sector in India which will inspire many upcoming start-ups to spread Indian product software across the globe. This feat by Freshworks showcases the potential for Indian SaaS start-ups to build globally disruptive technology product companies. It also showcases an immense amount of talent and the passion for entrepreneurship &amp; execution the Freshworks team embodies, and we (as in the Indian startup ecosystem) are eager to find out who will achieve this feat next,” — Ankur Bansal, cofounder and director at BlackSoil “Every SaaS founder in India would have a story or two about how they got inspired by Girish and the Freshworks story. Freshworks IPO makes the story they believed and got inspired by all the more real and their aspirations all the more possible. To the next 10 Indian SaaS IPOs!,” — Mayank Agarwal, cofounder at SendX “Freshworks has paved the path for future SaaS Companies that are building from India and selling globally. This is just a start of what we can see in the upcoming decade where a ton of Indian SaaS Companies will be going public. As Girish had mentioned yesterday that he feels like winning an Olympic medal, it is equivalent or more and motivates the next generation of SaaS Founders to build and go public,” — Harshit Agarwal, chief executive officer at Appknox SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">Freshworks IPO — 500 crorepatis, $12 billion market cap and more that emerged from India’s first SaaS listing at Nasdaq</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/voltas-havells-india-and-blue-star-stocks-have-gained-10-24-on-hopes-of-strong-demand-this-festive-season/articleshow/86448471.cms">Air conditioner brands Voltas, Blue Star, Havells rally ahead of festive season</a>

Landmark moment for this Rajinikanth fan’s SaaS startup on listing at US exchange

<ul><li>The Indian SaaS segment has the potential to clock a total turnover of $75 billion by 2025.</li><li>One in five global <keyword id="6361043" type="General" weightage="20" keywordseo="software" source="Orion">software</keyword> demand is likely to be met by Indian <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> in the next four years, according to experts.</li><li>On one hand large global corporations, even tech giants like Amazon and Twitter, are buying software solutions from India.</li><li>This has led to a mad rush from venture capitalists who have pumped in $1.7 billion into these startups in 2020.</li><li>Seven unicorns have been created in this space in the last year and a half alone.</li></ul>The sudden change in global trends and the rise of ‘remote everything’ — from learning to work — has propelled the software-as-a-service (SaaS) industry. And their customers include marquee names like Amazon, Twitter, <keyword id="596" type="General" weightage="20" keywordseo="hyundai" source="Orion">Hyundai</keyword>, Domino’s, and Philips, just to name a few. Venture capital firms like Accel, Tiger Global and Sequoia, looking for the next gold rush, have pumped in $1.7 billion across 128 deals in 2020, and more in 2021, creating at least seven unicorns in the space of less than 20 months, in India alone. Enterprise tech accounted for 13% of deal volume among top investors in the first half of 2021, says a NASSCOM PGA Labs report. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. But where will this revenue come from? The answer is simple — market and product expansion. As the world stepped into a lockdown in March 2020, the SaaS companies had a new reality to face — the demand for softwares and solutions that required limited/no physical efforts and showed faster results was the need of the hour. More enterprises were on a hunt for tech solutions in the latest virtual scene and SaaS companies started seeing more customer interest. The increased customer interest also resulted in increased flow of venture capital for this segment and India added seven SaaS unicorns — private companies valued at or more than $1 billion — during the pandemic since 2020. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647410" hostid="261"></div> While the investors’ interest brought in more money for the SaaS companies to grow, the increased customer interest has brought in more revenue. Zoho, which is a 25-year old bootstrapped company that has not raised funds so far, has customers like Amazon, Zomato and Xiaomi. Here's Sridhar Vembu, the founder of Zoho, explaining the software boom, in a recent interview with Business Insider. <div type="Video" msid="85650341" hostid="261" title="Zoho founder explains India's software boom in the last 24 months" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85650341"></div> Conversational artificial intelligence (AI) solutions company Uniphore ⁠— backed by Cisco, Sistema Capital Partners and ⁠Chiratae Ventures — claims to have noted a 3-fold year-on-year increase in their revenue in the financial year 2021, meanwhile contract management system has termed this fiscal the best one for them. Similar trend of increased revenue has been witnessed by most of the big SaaS names in India. Backed by Google and led by founder Girish Mathrubootham, help desk software company Freshworks ⁠— which has bagged contracts from Vice Media Group, Toshiba and Cisco ⁠— claimed to have crossed $300 million in annual recurring revenue (ARR) in February 2021. ARR is a metric used by SaaS businesses to show the revenue one can expect on a yearly basis. “It’s no secret that the future of business and scale is SaaS-driven, more so in the post-pandemic landscape. What’s interesting however is how quickly Indian companies have set a global benchmark for the industry. The exponential growth unlocked in the last 5 years is a testament to how capital efficient the Indian SaaS industry is,” Venkatesh Peddi, executive director and head of SaaS investments at Chiratae Ventures, previously said. One in five global software demands will be met by Indian SaaS companies in the next four years, Chiratae-Zinnov report added. What are Indian startups doing to attract these customers? With enough revenue and funding to aid sustain and grow their businesses, Indian SaaS companies have now put in greater focus on penetrating deeper into the international markets. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647440" hostid="261"></div> Monish Darda, co-founder and chief technical officer (CTO) of Icertis, talked to Business Insider about the three important aspects for international expansion for any SaaS business. First, ensuring that the technology is in accordance with the market one if planning to enter. Second, readiness from the team perspective and having local workforce who understand the market well. Third, cracking right partnerships to expand business. “If you look at contract management, you will see that for India we will not only integrate electronic signatures from Adobe Sign, which are global, but also add e-Mudhra which is a very Indian specific digital signature. You always have these different things in different markets that you need to cater to, to be successful. So there is technology,” he explained. Ankur Bansal, co-founder of BlackSoil Capital, in an interaction with Business Insider said that it’s almost a given for all SaaS companies, who have found their product-market fit, to think global. Having global customers changes the valuation of a SaaS company “dramatically” and offers much better margins to the company. “In terms of the size of the contract, the understanding of it and the speed of execution — everything on all counts in favour of a SaaS company… Anyway SaaS business margins are great, and on top of it if the company is catering to customers based out of the US or Europe then it becomes way better,” Bansal added. 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Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global

<ul><li><keyword id="404121" type="PERSON" weightage="20" keywordseo="clear">Clear</keyword>, formerly known as <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword>, is planning to hire across verticals like tech, product and marketing.</li><li>The company is reportedly in talks with Tiger Global to raise $100 million, at a valuation of $800 million.</li><li>The company claims to facilitate 10% of India’s B2B invoices, with a trade value of $300 billion, annually.</li></ul>Fintech software-as-a-service (<keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword>) company Clear, formerly known as ClearTax, has been going aggressive about its growth plans since the start of 2021. It started with the rebranding, to launching of new products, to the recent acquisition of yBANQ. But this plan does not end here. In order to accelerate growth and become a full stack financial services provider, Clear would be focusing on two core strategies — hiring and acquisition. The company plans to hire more than 100 employees across verticals to aid its organic growth, the company’s cofounder Srivatsan Chari told Business Insider in an exclusive interaction. The hiring would range across leadership roles, mid-senior positions to junior roles. According to the company’s website, there are vacancies in marketing, finance, sales, human resources, engineering, design, product, strategy, category, support and legal roles. Earlier in January, Clear on-boarded former MedLife executive <a href="https://www.linkedin.com/in/paranth-thiruvengadam-2567719/?originalSubdomain=in">Paranth Thiruvengadam </a>as chief technology officer (CTO) of the company. Since then, the company has made several changes across product and technology teams. Key changes at Clear in the last six months: <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paranth Thiruvengadam </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">CTO </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Akhil Bansal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Naveen Kumar Jain </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pranesh Vittal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vinish Varghese </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Design </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankit Saxena </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Head of Operations </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amit Gupta </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Sales Head, Enterprise </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Singh </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Senior Director of Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Esha Savla </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Customer Experience </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankur Agrawal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Strategy </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mayank Parihar </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Business Finance </td></tr></tbody></table> On the acquisition side of the plan, it has already acquired Y Combinator-backed business-to-business (B2B) payments startup yBANQ to enter the B2B payments and credit market. There is more to come in the near future. Chari told Business Insider that they are currently building several products, particularly for small and medium enterprises (SME) domain and enterprises, in-house. However, they will be relying on acquisitions to enter more niches and segments. “There are capabilities or certain industries, like payments, where you want a lot of experience or technologies. So that's basically where acquisitions come in, so it is going to be a multi-pronged strategy. We are going to build and we will be acquiring also to just leapfrog our growth.” — Clear cofounder Srivatsan Chari told Business Insider in an exclusive interaction. Clear’s product journey from e-filling to full stack payments system Clear was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari in 2011 as ClearTax. The company started its journey as a fintech startup that offers solutions for income tax filing online. The company witnessed its first surge in 2016, when the Indian government made e-filing mandatory. This was also the year the Indian government introduced the Goods and Service Tax (GST) that came into force on July 1 of 2017. Clear made the decision to expand their business offering, by providing tax-filing services to enterprises. The company offers solutions, including GST and e-filing bill software, along with business incorporation and compliance services for enterprises. It had also launched a wealth management platform for tax saving and mutual funds in January 2020. The Bengluru-based startup, across its verticals, caters to four groups — consumer, small medium business (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. "We have evolved from income tax compliance to full-stack compliance, invoicing, and financial serices firm. We cater to not only individual taxpayers, but also businesses, tax experts, and accountants. Today, we process about 10% of India's B2B invoices, over $300 billion of trade value every year, and contribute to 10% of India's e-invoice generation," Clear founder and chief executive (CEO) Archit Gupta told news agency PTI in a previous conversation. Upcoming fundraise still on the table The company currently has a customer base of 5 million Indian taxpayers, over one lakh tax practitioners, six lakh small businesses and 2,000 large businesses as well as brands. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Round </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2014 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sumon Sadhu </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$1.3 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Max Levchin, Scott Banister </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$2 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Founders Fund, Sequoia Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$12 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Composite Capital Management </td></tr></tbody></table> The company has raised $65 million of equity funding from marquee investors like PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, Composite Capital, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, and <keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>. It was the first Indian startup to have raised funding from Y Combinator. Clear is now said to be in talks with Tiger Global to raise a <a href="https://economictimes.indiatimes.com/tech/funding/tiger-global-may-lead-cleartax-funding-round-at-750-850-million-valuation/articleshow/81620600.cms">$100 million </a>funding round, at a valuation of $750 million-$800 million. The company’s co-founder Chari referred to these reports as media speculations, however, he also added that the company is in talks with certain undisclosed investors. Chari did not share any more information on the potential fundraising or valuation. "Conversation with people happen, but we don't have any news to share at this point," Chari told Business Insider. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900</a> <a href="https://www.businessinsider.in/science/news/nasa-has-delayed-boeings-spaceship-flight-after-a-russian-module-pushed-the-space-station-out-of-position/articleshow/84876573.cms">NASA has delayed Boeing's spaceship flight after a Russian module pushed the space station out of position</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

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Landmark moment for this Rajinikanth fan’s SaaS startup on listing at US exchange

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Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global

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Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

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