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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>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><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

<ul><li><keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> is the star of the Indian startup scene, transforming the lives of hundreds of his Freshworks employees who are now crorepatis.</li><li>Mathrubootham says he did not start Freshworks to buy a BMW, but so that his employees could.</li><li>He also has an immense interest in sports and started FC Madras, a football training academy, and hosted the Trichy Premier League in his hometown, Tiruchirappalli.</li></ul>It’s the age of unicorns in India, but seldom does a decacorn emerge that wows the world. Enter Girish Mathrubootham’s Freshworks, which had a blockbuster listing on Nasdaq, going from a valuation of $3.5 billion to $13 billion. In the process, Mathrubootham <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">helped 500 of his employees turn crorepatis</a>, with 70 of them aged under 30 years. In startup parlance, a unicorn is a private company valued at or more than $1 billion and a decacorn is one worth more than $10 billion. "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. <div type="image" title="Girish 1" msid="86453791" hostid="261" caption="&amp;lt;p&amp;gt;Girish Mathrubootham with his family during the Freshworks IPO&amp;lt;/p&amp;gt;"></div> Shares of Freshworks were up by over 33%, trading near $48 with a market capitalisation of nearly $13.4 billion. <cmsannotation type="cmsannotation" annotationid="‘I’m starting this company so everybody can buy a BMW’" comment="subhead" text="‘I’m starting this company so everybody can buy a BMW’">‘I’m starting this company so everybody can buy a BMW’</cmsannotation> Mathrubootham is the son of a retired bank officer. He founded Freshworks in 2010 along with Shan Krishnasamy. “I’m not starting a company for me to buy a BMW, I’m starting this so that everybody (employees) can do that,” he told his wife at the time of starting the company, as he reveals in a <a href="https://www.youtube.com/watch?v=3J7zcp0-rOA">freewheeling chat</a> with Indian cricketer Ravichandran Ashwin. <cmsannotation type="cmsannotation" annotationid="The birth of Freshworks – customer complaints on social media!" comment="subhead" text="The birth of Freshworks – customer complaints on social media!">The birth of Freshworks – customer complaints on social media!</cmsannotation> The idea to start Freshworks was simple, says Mathrubootham. In the past, before the explosion of social media, customers used to simply call the customer care centre to raise an issue or inquire about something. However, the arrival of social media has changed all that, with customers raising issues and posting queries on Twitter and Facebook – this is something that most of us have done at some point. This requires companies to address customer complaints across different channels, and so, having their information like account details, plans/services subscribed to, or payment information, in a quickly accessible manner becomes important. This is where the idea for Freshdesk, the company’s flagship product, was born. Then known as Freshdesk, the company rebranded itself as Freshworks in 2017. It now has tools for sales, marketing, information technology (IT) service management and human resources (HR). It claims to have over 52,000 customers and counts Tiger Global, Sequoia Capital and Accel amongst its investors. That is an amazing feat for someone born in the temple town of Tiruchirappalli in Tamil Nadu, going on to launch a billion-dollar IPO in the US. <cmsannotation type="cmsannotation" annotationid="Looking beyond business and addressing the sporting needs of youngsters" comment="subhead" text="Looking beyond business and addressing the sporting needs of youngsters">Looking beyond business and addressing the sporting needs of youngsters</cmsannotation> India is a country of over 1.4 billion people and this leads to a scarcity of many things – including good schools and colleges, and subsequently, jobs. This forces parents to force their kids to study well and land a good job. In the process, the other aspects of a child’s development get ignored. <div type="image" title="FC Madras edited" msid="86454099" hostid="261" caption="&amp;lt;p&amp;gt;FC Madras, Freshworks&amp;#39; own football team and academy&amp;lt;/p&amp;gt;"></div> In Mathrubootham’s case, he tried to address the sporting needs of youngsters by organising events like the Trichy Premier League, a minor cricket league played with tennis balls. “We’ve been an opportunity-scarce country for a long time, but not anymore. So, with that mindset, we made education an enemy of sport,” he said, explaining that we appreciate students who get 100 in math, but not if they are good at football or cricket. “A champion should be celebrated, be it a scientist or a sportsman,” he added. To that end, Mathrubootham’s Freshworks has also started FC Madras with an intention to promote grassroots football in the country. FC Madras has a residential academy and offers free scholarships to talented young players. “The whole idea is to create respect for sports people and celebrate our champions, these children who pursue the sport should be able to succeed as well-rounded human beings even if they don’t become champion footballers,” he said in an interview with <a href="https://yourstory.com/weekender/freshworks-girish-mathrubootham-kicks-off-football-fever-in-chennai-as-fc-madras-comes-alive/amp">YourStory</a>. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms" data-type="tilCustomLink">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a> <a href="https://www.businessinsider.in/videos/a-candid-conversation-with-freshworks-founder-and-ceo-girish-mathubootham/videoshow/86606660.cms" data-type="tilCustomLink">A candid conversation with Freshworks founder and CEO, Girish Mathubootham</a> <a href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms">Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</a>

Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years

<ul><li><keyword id="11949917" type="General" weightage="20" keywordseo="vijaya-diagnostic-ipo" source="Orion">Vijaya Diagnostic IPO</keyword> will open for subscription on September 1 and close on September 3.</li><li>Analysts advise investors to subscribe to the IPO because of the company’s strong footing in south India and that it is cash rich and does not require any further capital for growth.</li><li>The diagnostics lab chain is looking to raise ₹1,895 crore through an entire offer for sale (OFS) from existing promoters with 3.56 crore equity shares.</li></ul>Diagnostics lab chain <keyword id="11949918" type="General" weightage="20" keywordseo="vijaya-diagnostic" source="Orion">Vijaya Diagnostic</keyword> will open its ₹1,895 crore initial public offering (IPO) for subscription from tomorrow, September 1, and will close on September 3. Analysts advise investors to subscribe to the IPO given the chain’s strong footing in south India. “The company is cash rich and does not require any further capital for growth,” said Ventura Securities while recommending to ‘subscribe’ to the IPO for long-term investing with a price target of ₹672, indicating an upside of 27% over the next 24 months. However, the <keyword id="938640" type="General" weightage="20" keywordseo="grey-market-premium" source="Orion">grey market premium</keyword> for Vijaya Diagnostic IPO is not very exciting. The firm has ₹250 crore cash on its books, Sunil Chandra Kondapally, executive director at Vijaya Diagnostic, <a href="https://www.businessinsider.in/stock-market/news/ipo-bound-vijaya-diagnostics-is-planning-more-acquisitions-in-east-india/articleshow/85755911.cms">told Business Insider</a>. Here are some of the important details of the Vijaya Diagnostic IPO: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹522-₹531 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 1 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 3 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 8 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 9 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 13 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 14 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Meanwhile, analysts at Angel Broking believe that all the short term positives are priced in and indicate a not-so-big listing for Vijaya Organics IPO. “The company has fixed the IPO price at [a] price to earning [sic] of 35.5 times of FY2021 earning, we believe that all the short-term positives have been priced in...Currently, the grey market premium for the IPO is at ₹50 which is 8.2% of IPO price, so the grey market is not suggesting any big listing...We have a neutral outlook for Vijaya organics IPO,” said Yash Gupta, equity research analyst at Angel Broking. Analysts at Ventura Securities expects the company’s revenue to grow at a compound annual growth rate (CAGR) of 16.7% to ₹600 crore by FY24 driven by its deepening footprints in core markets of Telangana and Andhra Pradesh, opening additional diagnostic centres and expanding adjacent geographies. Analysts at Kotak Securities highlight the firm’s long track record of delivering consistent profitable growth, with strong cash generation and return metrics. More about the company The company offers a “one-stop solution” for pathology and radiology testing services through its 80 diagnostic centres and 11 reference laboratories i.e. labs that perform routine and speciality tests in high volume, across 13 cities and towns in the states of Telangana and Andhra Pradesh. The company claims it has a 7% market share in the two states with an estimated market size of ₹5,100 crore. <div type="image" title="Vijaya correct chart" height="900" width="1200" msid="85789071" hostid="261"></div> Aside from the two states, it also has centres National Capital Region and Kolkata. It has a strong presence in south Indian states. However, 96% of its revenue comes from the city of Hyderabad alone, as per the draft red herring prospectus (DRHP). Existing promoters, including private equity investor Kedaara Capital, are selling 3.56 crore equity shares via IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/saas-company-icertis-is-looking-to-hit-the-public-market-next-year/articleshow/85786657.cms">After Freshworks, Icertis is looking for an IPO for next year in the US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a>

Vijaya Diagnostic IPO ⁠— analysts say ‘subscribe’ but the grey market premium isn’t exciting

Equity benchmark <keyword id="6484188" type="General" weightage="20" keywordseo="Sensex" source="Orion">Sensex</keyword> rallied over 700 points in early trade on Wednesday, tracking gains in index majors Infosys, Reliance Industries and ICICI Bank ahead of the <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword>'s monetary policy outcome. According to experts, markets bulls are enthused by a positive sentiment in global markets after top US public health expert Dr Antony Fauci observed that the Omicron variant is unlikely to be more severe than the Delta variant, removing market concern regarding the economic impact of the new variant. The 30-share index was trading 729.05 points or 1.26 per cent higher at 58,362.70 in initial deals. Similarly, the <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword> rose 202.15 points or 1.18 per cent to 17,378.85. HCL Tech was the top gainer in the Sensex pack, rising over 2 per cent, followed by Infosys, Bharti Airtel, Tech Mahindra, <keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword>, Reliance Industries and ICICI Bank. On the other hand, <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> was the sole laggard. In the previous session, the 30-share equity benchmark ended 886.51 points or 1.56 per cent higher at 57,633.65, and Nifty rallied 264.45 points or 1.56 per cent to 17,176.70. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,584.97 crore on Tuesday, as per exchange data. The Reserve Bank of India is scheduled to announce the outcome of its bi-monthly Monetary Policy Review at 1000 hours. The RBI's policy announcement is unlikely to be market-moving since the Monetary Policy Committee (MPC) is likely to retain the status quo on policy stance and rates, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. A 10 per cent correction from the peak in a raging bull market provides good buying opportunities, particularly when the global equity backdrop is 'risk-on.' This favourable setting continues with the strong rally in the US market yesterday, he stated. However, he noted that since FIIs continue to be in the sell mode, markets may come under selling pressure at higher levels. Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading with significant gains in mid-session deals, while Hong Kong was in the red. Stock exchanges in the US too rallied in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.42 per cent to USD 75.12 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shriram-properties-limited-ipo-open-today-all-you-need-to-know/articleshow/88145471.cms">Shriram Properties Limited IPO open today — All you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-you-can-check-tega-industries-ipo-allotment-status/articleshow/88145164.cms">Here is how you can check Tega Industries IPO allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zoho-freshworks-and-top-indian-saas-companies-have-given-500-entrepreneurs-to-the-indian-startup-ecosystem/articleshow/88145310.cms">Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem</a>

Sensex rallies over 700 points in early trade; Nifty tops 17,350 — HCL Tech, Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank

Starting from Monday, the <keyword id="6354870" type="General" weightage="20" keywordseo="United-Arab-Emirates" source="Orion">United Arab Emirates</keyword> (UAE) will resume issuing tourist visas to those who have been <keyword id="11121292" type="General" weightage="20" keywordseo="fully-vaccinated" source="Orion">fully vaccinated</keyword> against <keyword id="8763838" type="General" weightage="20" keywordseo="Covid-19" source="Orion">Covid-19</keyword>. The move comes as the daily number of positive cases continued to drop in the country, having gone lower than 1,000 since last week. The vaccination rate was closing on the 92 per cent mark, the highest in the world after Malta. Both <keyword id="9897456" type="General" weightage="20" keywordseo="Federal-Authority-For-Identity-and-Citizenship" source="Orion">Federal Authority For Identity and Citizenship</keyword> (ICA) and the National Emergency Crisis and Disasters Management Authority (<keyword id="9500850" type="General" weightage="20" keywordseo="NCEMA" source="Orion">NCEMA</keyword>) jointly announced that application for tourist visas will be open to people from all countries who have received the World Health Organization (WHO)-approved vaccines. The UAE's official news agency WAM said: "This comes as part of the country's strategy to create a balance between public health and the activities of vital sectors, and in support of the national efforts to achieve sustainable recovery and economic growth." Travellers who wish to receive the benefits provided to individuals vaccinated in the UAE, like visiting malls and public spaces in Abu Dhabi, can register their vaccination via the ICA platform or Al Hosn application. As of June 3, the WHO-approved COVID-19 vaccines include AstraZeneca/Oxford/CoviShield, Johnson &amp; Johnson, Moderna, Pfizer/BioNTech, Sinopharm and Sinovac. WAM added that "passengers arriving on tourist visas must take a mandatory PCR test at the airport". Despite an entry ban, India continued to be the <keyword id="6354539" type="General" weightage="20" keywordseo="Dubai" source="Orion">Dubai</keyword> International Airport's) top destination country by traffic volume in the first half of 2021 with passenger numbers exceeding 1.9 million, reported Gulf News. Emirates airlines continues to be the preferred choice of Indians travelling to the US and Canada and Dubai is a convenient place for transit. Earlier this year in March, the UAE Cabinet had approved a five-year multiple entry tourist <keyword id="6359421" type="General" weightage="20" keywordseo="visa" source="Orion">visa</keyword> for all nationalities. Otherwise, the tourist visa is granted for either 30 days or 90 days. Indian citizens with valid visa of the US or UK are also eligible for visa on arrival. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/mumbais-nariman-point-mantralaya-areas-will-be-submerged-by-2050-if-people-dont-wake-up-says-citys-municipal-chief/articleshow/85710647.cms">Mumbai's Nariman point, Mantralaya areas will be submerged by 2050 if people don’t ‘wake up’, says city’s municipal chief</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/freshworks-files-for-an-ipo-in-the-us-looks-to-raise-100-million/articleshow/85707900.cms">Freshworks files for an IPO in the US, looks to raise $100 million</a>

UAE to resume issuing tourist visas to fully vaccinated travellers from Monday

<ul><li><keyword id="6354287" type="General" weightage="20" keywordseo="Bharti-Airtel" source="Orion">Bharti Airtel</keyword>'s board on Sunday approved up to ₹21,000 crore rights issue, according to a <keyword id="525282" type="General" weightage="20" keywordseo="regulatory-filing" source="Orion">regulatory filing</keyword>.</li><li>The Board, which met to consider the company's capital raising plans, cleared rights issue price of ₹535 per fully paid-up equity share, including a premium of ₹530 per equity share.</li><li>The rights entitlement ratio entails 1 equity share for every 14 equity shares held by eligible <keyword id="6376563" type="General" weightage="20" keywordseo="shareholders" source="Orion">shareholders</keyword> as on the record date.</li></ul>Telecom operator Bharti <keyword id="15491" type="General" weightage="20" keywordseo="Airtel" source="Orion">Airtel</keyword>'s board on Sunday approved up to ₹21,000 crore rights issue, according to a regulatory filing. The Board, which met to consider the company's capital raising plans, cleared rights issue price of ₹535 per fully paid-up equity share, including a premium of ₹530 per equity share. In a BSE filing, Airtel said that the "board approved the issuance of equity shares of face value of ₹5 each of the company on rights basis to eligible <keyword id="1125632" type="General" weightage="20" keywordseo="equity-shareholders" source="Orion">equity shareholders</keyword> of the company as on the record date (to be notified later), of an issue size of up to ₹21,000 crores". The rights entitlement ratio entails 1 equity share for every 14 equity shares held by eligible shareholders as on the record date. The terms of payment of issue price, envisage 25 per cent on application and balance in two more additional calls as may be decided by the Board or committee of the Board based on the company's requirements within an overall time-horizon of 36 months, Airtel said. "The promoter and promoter group of the company would collectively subscribe to the full extent of their aggregate rights entitlement," it said adding "they will also subscribe to any unsubscribed shares in the issue". The board has constituted a 'Special Committee of Directors' to decide the other terms and conditions of the issue including issue period and the record date. The Board of Directors at the meeting reviewed the industry scenario, business environment, financial and business strategy of the company and approved the the plan to raise further capital, Airtel said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/uae-to-resume-issuing-tourist-visas-to-fully-vaccinated-travellers-from-monday/articleshow/85735979.cms">UAE to resume issuing tourist visas to fully vaccinated travellers from Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/freshworks-files-for-an-ipo-in-the-us-looks-to-raise-100-million/articleshow/85707900.cms">Freshworks files for an IPO in the US, looks to raise $100 million</a>

Airtel’s board approves raising funds of up to ₹21,000 crore

<ul><li><keyword id="11942054" type="General" weightage="20" keywordseo="Bhavinaben-Patel" source="Orion">Bhavinaben Patel</keyword> on Sunday became only the second Indian woman to win a medal at the Paralympics.</li><li>She beat Chinese paddler Ying Zhou in the women's singles <keyword id="57201" type="General" weightage="20" keywordseo="table-tennis" source="Orion">table tennis</keyword> class 4 final here.</li><li>Patel, a <keyword id="5394517" type="General" weightage="20" keywordseo="wheelchair-player" source="Orion">wheelchair player</keyword>, had also suffered a loss to Zhou, one of the most decorated para-paddlers of China, in her first group stage match earlier in the week.</li></ul>Bhavinaben Patel on Sunday became only the second Indian woman to win a medal at the Paralympics after she signed off with a historic silver following a 0-3 loss to world number one Chinese paddler Ying Zhou in the women's singles table tennis class 4 final here. The 34-year-old Patel's impressive run at the Games ended with a fighting 7-11 5-11 6-11 loss to Zhou, a two-time gold medallist, in the women's singles summit clash which lasted 19 minutes. With this medal, Indian team opened its account at the Games. Deepa Malik, who is the current president of Paralympic Committee of India (PCI), was the first Indian woman to win a medal in the Paralympic Games when she had claimed a silver in shotput at Rio five years back. Patel, a wheelchair player, had also suffered a loss to Zhou, one of the most decorated para-paddlers of China, in her first group stage match earlier in the week. Up against an opponent, who has five Paralympic medals to her name including gold medals in singles at Beijing and London, Patel seemed to struggle as she couldn't execute her strategy and was left to do the catch up job. Zhou, a six-time World Championship medallist, didn't allow Patel, currently ranked 12th in her division, to find her angled returns and get into a rally. In the first game, Zhou broke off from 3-3 to move ahead. Patel tried to keep herself within touching distance with a superb serve at 5-7 and a forehand flick but the Chinese managed to earn the bragging right with a deep push at the baseline. The second game was a one-way traffic as Zhou jumped to a 7-1 lead early on. Patel narrowed it down to 4-7 but the Chinese soon grabbed a 2-0 lead. Pushed to the brink, Patel tried to script a recovery as she moved neck and neck with her opponent till 5-5 in the third game. But Zhou once again moved ahead and sealed the contest with a backhand shot. Patel, who was diagnosed with polio when she was 12 months old, had defeated world no 3 Miao Zhang of China 7-11 11-7 11-4 9-11 11-8 in the semifinal on Saturday. In the quarterfinal on Friday, Patel had defeated 2016 Rio Paralympics gold medallist and world number two Borislava Peric Rankovic of Serbia to assure herself a medal and script history. In para table tennis, classes 1-5 are for wheelchair athletes. Athletes in Class 4 category have fair sitting balance and fully functional arms and hands. Their impairment may be due to a lower spinal-cord lesion or cerebral palsy. Patel started playing the sport 13 years ago at the Blind People's Association at Vastrapur area of Ahmedabad where she was a student of ITI for people with disabilities. There, she saw visually impaired children playing table tennis and decided to take up the sport. She won her first medal in a competition while representing Rotary Club in Ahmedabad, where she is settled now after her marriage to Nikunj Patel, who has played junior cricket for Gujarat. She reached world number two ranking in 2011 after winning a <keyword id="6360488" type="General" weightage="20" keywordseo="silver-medal" source="Orion">silver medal</keyword> for India in PTT Thailand Table Tennis Championship. In October 2013, Patel won another silver in the women's singles Class 4 at the Asian Para table tennis championships in Beijing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/mumbais-nariman-point-mantralaya-areas-will-be-submerged-by-2050-if-people-dont-wake-up-says-citys-municipal-chief/articleshow/85710647.cms">Mumbai's Nariman point, Mantralaya areas will be submerged by 2050 if people don’t ‘wake up’, says city’s municipal chief</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/freshworks-files-for-an-ipo-in-the-us-looks-to-raise-100-million/articleshow/85707900.cms">Freshworks files for an IPO in the US, looks to raise $100 million</a>

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

Kritti Bhalla

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

Bhakti Makwana

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

Kritti Bhalla

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

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