<ul><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> is seeking to list its shares on the Nasdaq Global Select Market under the symbol FRSH.</li><li>The company thanked Indian actor Rajinikanth in its preliminary filings for the IPO.</li><li>Chennai and California-based reported a revenue of $169 million in the first half of 2021.</li></ul>Girish Mathrubootham-led software-as-a-service (SaaS) company Freshworks has filed for an initial public offering (IPO) in the United States. The company is looking to raise $100 million, the company’s filing with the US Securities and Exchange Commission has revealed. The IPO is being led by Morgan Stanley, JP Morgan Chase &amp; Co and Bank of America. Freshworks is seeking to list its shares on the Nasdaq Global Select Market under the symbol FRSH. 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. The company was founded in Chennai but moved to Silicon Valley a couple of years back as most of its customers were present in the US. The company is now based out of San Mateo in California, yet it retains a substantial workforce in Tamil Nadu’s Chennai city. Freshworks has 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. The company reported a loss of $9.8 million in the first half of 2021, compared to $59 million reported in the same time period of 2020. In the preliminary documents for its IPO, Mathrubootham has compared Freshworks software to Apple’s iPhone. He notes that businesses shouldn’t have to rely on multiple tools to engage with customers. “Before 2007, we were all using multiple devices — I personally had a Nokia cellphone, a Garmin GPS, a Sandisk MP3 Player and a Canon point-and-shoot camera… As consumers, we were quick to ditch our gadgets for a single product with a superior unified, intuitive, and delightful experience,” he said. According to data platform Crunchbase, Freshworks has raised over $480 million to date across nine funding rounds. The company is backed by Steadview Capital, Accel, CapitalG, Sequoia Capital, Tiger Global Management and others. The company was valued at $3.5 billion in June 2020. Freshworks thanked Indian actor Rajinikanth in the preliminary filings for its IPO. “The code name for our IPO was Project SuperStar, named after the most successful movie star from Tamil Nadu, Rajinikanth. I want to express my love and gratitude to him for being my maanaseega guru. There is no comparable English word to express what this means. It is a mentor; a role model that lives in your mind, from whom you learn a lot by watching from afar. SuperStar is a man who is loved and worshipped by millions of fans globally. He is immensely successful yet humble and down to earth. Thank you, Thalaivaa!,” the filings read. SEE ALSO <a href="https://www.businessinsider.in/tech/mobile/news/the-great-indian-youtube-extortion-101-on-how-criminals-are-making-money-off-youtubers/articleshow/84486999.cms">Here is how Indian YouTubers are becoming victims to extortion</a> <a href="https://www.businessinsider.in/sports/news/tokyo-paralympic-games-indias-bhavina-patel-enters-table-tennis-final-gold-medal-match-on-sunday/articleshow/85706907.cms">Tokyo Paralympic Games — India’s Bhavina Patel enters table tennis final, gold medal match on Sunday </a><a href="https://www.businessinsider.in/sports/news/cristiano-ronaldo-will-reportedly-rejoin-manchester-united-in-surprise-twist/articleshow/85691030.cms">Cristiano Ronaldo rejoins Manchester United in shocking twist as Man City pulls out</a>

Freshworks files for an IPO in the US, looks to raise $100 million

An unplugged conversation with Freshworks founder and CEO, Girish Mathrubootham

<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.

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Freshworks files for an IPO in the US, looks to raise $100 million

Kritti Bhalla

An unplugged conversation with Freshworks founder and CEO, Girish Mathrubootham

Business Insider India

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

Isabelle Lee