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<keyword id="19995882" type="General" weightage="100" keywordseo="Berkshire-Hathaway" source="keywords" meta.keywordsubtype="org" meta.entityname="Berkshire Hathaway" meta.hostid="261" meta.entityid="Berkshire Hathaway">Berkshire Hathaway</keyword> Inc., the conglomerate led by American Businessman <keyword id="19921921" type="General" weightage="20" keywordseo="Warren-Buffett" source="keywords">Warren Buffett</keyword>, has made history by becoming the first U.S. non-tech company to surpass the USD <keyword id="6852179" type="General" weightage="20" keywordseo="1-trillion" source="Orion">1 trillion</keyword> mark in <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword>. The <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> of Berkshire Hathaway surged by USD 3.96 on the New York Stock Exchange, closing at USD 464.59 per share on Wednesday. With this milestone, Berkshire Hathaway joins an exclusive group of six other companies, primarily from the <keyword id="19896148" type="General" weightage="20" keywordseo="technology-sector" source="keywords">technology sector</keyword>, that have crossed the USD 1 trillion threshold. This list includes Apple, Nvidia, Microsoft, Alphabet (the parent company of Google), Amazon, and Meta Platforms (the parent company of Facebook). The stocks of Berkshire Hathaway have seen significant growth this year, appreciating by more than 28 per cent on the New York Stock Exchange. Despite this achievement, the broader U.S. stock markets faced a downturn on Wednesday. Both the S&amp;P 500 and the Nasdaq indices declined, largely due to profit-taking by investors. This market pressure in the U.S. had a ripple effect across Asian markets, where major indices also faced selling pressure on Thursday morning. In Asia, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent. In the Indian markets on Wednesday, the Nifty 50 index at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty. Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market. The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade. <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">Stock market</keyword> opened nearly flat on Wednesday with Nifty starting above 25,000 and BSE Sensex opening at 81,800. Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues. "Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

Indian software-as-a-service (SaaS) company <keyword id="4621694" type="General" weightage="100" keywordseo="freshworks" source="Orion">Freshworks</keyword> has laid off nearly 90 employees, or 2 per cent of its total workforce, citing rough global conditions behind the move. The company's Founder and CEO Girish Mathrubootham told employees in an email that this is not a company-wide layoff but "a structural change". "In all the changes we undertook we have deployed and retained the majority of our teammates, however a few around 2 per cent of 5,200 people or approximately 90 employees for whom we do not have a readily available open position," Mathrubootham wrote in the email. The CEO said that Freshworks will help impacted employees by providing them healthcare coverage and outplacement services. "While we have reported a strong quarter, we are not immune to this slower economy. While new businesses picked up, expansion slowed down even as we reduced our growth forecasts and headcount needs," he wrote. Freshworks joins a growing list of tech companies that have laid off employees amid global macro-economic conditions. The Nasdaq-listed firm was valued at $12.2 billion after it opened 21 per cent above the initial offering price of $36 apiece in September last year. Mathrubootham, in interviews with media outlets, highlighted that the 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. The company was valued at $3.5 billion when it raised $150 million funding from investors like <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>, CapitalG and Accel in November 2019. Founded by Mathrubootham and <keyword id="2167964" type="General" weightage="50" keywordseo="shan-krishnasamy" source="Orion">Shan Krishnasamy</keyword> as Freshdesk in Chennai 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/honda-to-hike-vehicle-prices-by-up-to-30000-from-jan/articleshow/96271533.cms">Honda to hike vehicle prices by up to ₹30,000 from Jan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/be-prepared-for-export-tariff-walls-by-nations-undergoing-green-transition-fm-nirmala-sitharaman/articleshow/96270382.cms">Be prepared for export tariff walls by nations undergoing green transition: FM Nirmala Sitharaman</a>

Indian SaaS firm Freshworks lays off 90 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><keyword id="1836134" type="General" weightage="20" keywordseo="icertis" source="Orion">Icertis</keyword> is exploring options for Nasdaq listing in the US for sometime next year.</li><li>The company aims to double its valuation to $6 billion, as per sources aware of the development.</li><li>The company counts Google, Microsoft, Johnson &amp; Johnson, Infosys, Wipro and Cognizant as its customers. </li></ul>Software-as-a-service (SaaS) firm Icertis is holding serious discussions to hit the public markets by the end of 2022. Pune and Seattle-headquartered company — valued at $2.8 billion — is considering to go for an initial public offering (IPO) in the United States sometime next year, Icertis’ cofounder and chief technology officer (CTO) Monish Darda told Business Insider. The company counts Google, Microsoft, Daimler, Airbus, Johnson &amp; Johnson, Lupin, Infosys, Wipro and Cognizant as its customers. A Nasdaq listing is the top priority of the company, which offers contract management solutions to businesses, at the moment. Though Darda did not share details like the amount the company plans to raise or the valuation it is looking to list at, people aware of the development told Business Insider that Icertis plans to double its valuation to $6 billion by next year with this public issue. Darda clarified that Icertis is ready to hit the public market in terms of its business growth, however the plan still hinges on two major developments. First, the growth of the business by next year. Second, the economic situation globally. Regardless, the company is open to raising capital through both private as well as public markets depending on the economy and the COVID-19 situation. <div type="ExtQuote" text="“If we need a round, with our valuation and our revenue, we always have an option of going public, so we'll evaluate that as well. So there are a couple of things we could do next year in terms of, you know, how we move, we can raise another round and you know, defer going public. Or we could choose the path of going public as well.”" auname="— Monish Darda, co-founder and CTO of Icertis, told Business Insider."></div> Last week, another Indian <keyword id="9231180" type="General" weightage="20" keywordseo="saas-company" source="Orion">SaaS company</keyword> Freshworks<a 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"> filed </a>for an IPO in the USA, seeking permission to list on Nasdaq. It is looking to raise $100 million. Founded in 2009 by Darda and Samir Bodas, Icertis’ flagship product ‘Icertis Contract Intelligence (ICI)’ manages over 10 million contracts with an aggregate value of more than $1 trillion. Icertis added 70-100 customers in 2020 and 100 customers in the first half of 2021. It plans to add over 100 customers by the end of 2021. “I think what is interesting is that the last four quarters have been successively the best quarters we've ever seen in Icertis. We have beaten every quarter, every year. So the last two quarters, January-February-March and April-May-June. April-May-June has been the best quarter in the history of Icertis,” Darda added. Icertis claims to have a revenue between $100 million to $200 million, growing at 60-70% rate annually. The 12-year-old company raised<a href="https://www.businessinsider.in/tech/enterprise/news/icertis-raises-80-million-in-series-f-funding-and-triples-valuation-in-less-than-two-years/articleshow/81450882.cms"> $80 million</a> in March this year to add more customers as well as develop more products for its existing customers. Overall, the company has raised $291 million to date from marquee investors like B Capital, PremjiInvest, Greycroft, Meritech Capital Partners, and PSP Growth. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-power-bharat-forge-bharti-airtel-and-other-top-stocks-to-watch-out-for-on-august-31/slidelist/85786005.cms">Tata Power, Bharat Forge, Bharti Airtel and other top stocks to watch out for on August 31 </a> <a 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> <a href="https://www.businessinsider.in/defense/news/a-us-f-22-raptor-pilot-describes-the-challenge-of-going-up-against-f-35-red-air-aggressors/articleshow/85784261.cms">A US F-22 Raptor pilot describes the challenge of going up against F-35 red air aggressors</a>

After Freshworks, Icertis is looking for an IPO for next year in the US

<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><li>The Nasdaq-listed Indian company’s total income went up 47% in Q4 compared to the same period last year. </li><li>By the end of the financial year, the company’s power capacity increased 28% on a YoY basis. </li><li><keyword id="944686" type="General" weightage="20" keywordseo="renew-power" source="Orion">Renew Power</keyword> says it expects to build 1,750-2,250MW of power capacity by the end of FY24. </li></ul>ReNew, one of India’s top green energy companies, posted a net profit of ₹7.4 crore ($1 million) for the fourth quarter of FY23. In the same quarter last year, it posted a net loss of ₹355 crore ($43 million). The Nasdaq-listed company saw its total income go up by 47% to ₹2,591 crore or $315 million on a YoY basis. Its adjusted EBITDA for the quarter stood at ₹1,201 crore ($146 million) as against ₹1,279 crore ($156 million) in Q4 FY22. EBITDA is earnings before interest, tax,depreciation and amortisation. By the end of FY23, the company’s portfolio consisted of 13.7 GW — which increased 28% on a YoY basis. Of this, around 8 GW is commissioned and 5.7 GW is committed. The renewable energy company with interests in wind and solar energy said that it has signed power purchase agreements (PPAs) with various buyers to the tune of 101 megawatts during the quarter. “Only around 1% of our total portfolio have Letters of Award that await a PPA,” the company said in a press release. Its ability to collect payments also improved for the quarter over the last year, with Days Sales Outstanding at 138 days — which showed a 74-day improvement. Days sales outstanding is the average number of days that it takes to collect payment after a sale has been made. This is key for power generators who sell to utilities. For FY23, its total revenue increased by 29% to ₹8,930 crore ($1,087 million). However it posted a net loss of ₹503 crore ($61 million) for the financial year. For FY24, the company’s guidance involves generating a cash flow to equity of ₹600-800 crore. It also intends to post an adjusted EBITDA of ₹6,000-6,600 crore. This guidance however is subject to weather being similar to FY23, the company says. It also intends to build 1,750-2,250MW of power capacity by the end of the financial year.

ReNew Power posts net profit of $1 mn for Q4 but ends FY23 in the red

The great FII or FPI sell-off is in progress. They have sold continuously over the last twelve-month period barring for September 21 when they were net buyers to the extent of Rs 913 crore. Fortunately for the markets, our domestic institutions have developed muscle power in the form of a strong SIP base to counter this selling. How long this would continue is anybodys guess. The last time that the <keyword id="6368141" type="General" weightage="100" keywordseo="fiis" source="Orion">FIIs</keyword> bought on a net basis for the year was in 2019 and 2020 when they invested Rs 40,000 crore and Rs 64,000 crore, respectively. At this time, domestic institutions also bought 42,000 crore in 2019 but sold 36,000 crore in 2020. In 2021, FIIs sold Rs 93,000 crore while domestic funds bought 95,000 crore. In the current year till date, FIIs sold Rs 2.67 lakh crore and Domestic institutions bought 2.15 lakh crore. What has led to this massive sell-off is the first question that comes to mind. The first and foremost reason is of course inflation which is at a record over 40 year high in the US and is threatening to continue to rise. Gas prices and now mortgage rates are hitting the normal citizens in the under-belly. They have both risen very fast and are at levels which are close to double compared to the last six months. With such high outgoings, things are unlikely to improve as the <keyword id="45672" type="General" weightage="50" keywordseo="fed" source="Orion">FED</keyword> raises interest rates to keep inflation under control. With a 75-basis point hike in the previous week and another similar hike imminent in six weeks' time, the rates would be at 2.25-2.5 per cent by July end. Unthinkable for the US which believed that inflation would never hit them in the near future. The next question that comes to mind is why such sharp selling had to be done. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> as a market has outperformed the US markets and investments in India even though we are at a 52-week low as of Friday is far better than what the US has done during the same period. Incidentally, the US is also at a 52-week low. While the Indian benchmark indices on a year-to-date basis have seen BSESENSEX lose 11.83 per cent and <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> lose 11.87 per cent, Dow Jones has lost a massive 18.09 per cent. <keyword id="6357328" type="General" weightage="50" keywordseo="nasdaq" source="Orion">NASDAQ</keyword> has lost much more and is now down 30.98 per cent. The technology sector and particularly companies which gained handsomely when Covid-19 was amongst us have reported sharp drop in business and also reported losses in many cases. This has led people to believe that probably companies involved in e-commerce are just not in favour any more. Post normalcy, markets believe that the business model of these e-commerce companies is under tremendous pressure. Shares from these sectors have lost big time in the US and part of the meltdown is visible even in India. FIIs are busy encashing gains in India so that they are able to reduce their overall exposure at a time when global markets are under pressure. With Indian markets still giving positive returns, sales here are of the first priority. How long and up to what level would be debatable. Domestic funds have been able to keep pace with sales so far. Whether this would continue indefinitely is not sure. The positive fact however remains, post Covid-19 the new investors who have come to the markets are giving substantial muscle power to domestic funds and helping in facing the onslaught. Every person has his day, and its not far before the day would come where domestic institutions would sell shares to FIIs and FPIs on their terms and conditions. In this global meltdown, even the Indian Rupee has held its ground quite well. While we have lost some ground against the Dollar, we have gained against quite a few other currencies including the pound and the euro. In the current Russia-Ukraine war, we have managed our oil purchases quite well and a good crop is helping in this world food crisis. What next? Expect FIIs to stop selling sooner than later and look at Indian equities all over again. The reducing differential between interest rates would be another reason to look at the country. Further the fact that India has one of the best growths amongst global economies is yet another reason. I strongly believe that before the calendar year is over, FIIs will be back on a buying spree in the country. Wait for that to happen and see the markets gain. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/agniveer-why-are-thousands-of-youth-up-in-arms-against-the-agnipath-scheme/articleshow/92284069.cms">Why are thousands of youth up in arms against the Agnipath scheme?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-are-the-biggest-father-children-run-businesses-in-india/slidelist/92279727.cms">From Nadars to Premjis to Ambanis — here are the 10 biggest father-children run businesses in India</a>

FIIs sold off every month in the last one year barring September 2021

<ul><li>Major US stock indexes ended Wednesday at record highs as the Fed outlined its intention to taper asset purchases. </li><li>The economy has made substantial progress in recovering from the COVID pandemic, the Fed said. </li><li>The central bank will start tapering bond purchases later in November. </li></ul>Stocks finished Wednesday at record highs as the Federal Reserve met expectations in outlining plans to reduce stimulus spending as the economy moves out of the height of the COVID pandemic but investors are still keeping watch on interest rates as inflation remains high. All three major equity benchmarks ended at new all-time highs. The Fed said it would begin tapering asset purchases this month. It has been buying at least $80 billion in Treasurys and $40 billion in mortgage-backed securities every month to help markets function smoothly during the pandemic. The economy has made "substantial further progress" toward key recovery goals, leading the Fed to say it will cut down by $10 billion a month purchases for Treasurys and by $5 billion for mortgage bonds. "It is true that the Fed will need to raise interest rates next year - possibly more than once - if inflation continues to rise at an elevated pace, but it is also true that the Fed would prefer to leave interest rates at near-zero levels as long as possible to allow the unemployment rate to go lower and the participation rate to go higher," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, in a note. "[So] if there is any indication that inflation is leveling out or the pace of inflation is decreasing next year then they are likely to hold off on raising interest rates," he wrote. Around the markets,<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest"> gold</a> shed 0.7% at $1,773 per ounce. The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_source=markets&amp;utm_medium=ingest"> 10-year yield</a> jumped to 1.579%. Oil prices dropped, with <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> down 3.3% at $81.11 per barrel. The story was initially published on <a href="https://markets.businessinsider.com/" data-type="tilCustomLink" target="_blank">Markets Insider</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-government-cut-duties-on-petrol-and-diesel-and-other-bjp-states-follow-suit/articleshow/87515906.cms">Indian government cut duties on petrol and diesel and other BJP states follow suit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/here-is-why-cleartax-clinched-a-deal-with-the-worlds-most-valued-fintech-company/articleshow/87509691.cms">Here is why Clear(Tax) clinched a deal with the world's most valued fintech company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/who-approves-bharat-biotechs-covaxin-for-emergency-use/articleshow/87510108.cms">WHO approves Bharat Biotech’s Covaxin for emergency use after a long wait</a>

US stocks notch record highs after Fed said it will taper bond buying this month

<ul><li>India contributes 69% to <keyword id="1106616" type="General" weightage="20" keywordseo="truecaller" source="Orion">Truecaller</keyword>’s revenue, so even a minor impact coming from India could have larger implications for this Sweden-based company.</li><li>The <keyword id="2617070" type="General" weightage="20" keywordseo="personal-data-protection-bill" source="Orion">personal data protection bill</keyword> aims to ensure that personal data of Indian citizens is safeguarded and not stored overseas.</li><li>Truecaller claims to be the third largest communication platform in India, after Facebook and WhatsApp.</li></ul>Caller identification and spam blocking app Truecaller — which will soon go for an initial public offering (IPO) in Nasdaq Stockholm, Sweden — is worried that India’s personal <keyword id="4839724" type="General" weightage="20" keywordseo="data-protection-bill" source="Orion">data protection bill</keyword> may end up to be a business risk for the company. The<a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms"> personal data protection bill</a> is yet to be approved by the Indian parliament. Any data that can identify an individual — like names, addresses, financial information, IP addresses, cookies, device IDs and other data — are covered under the Personal Data Protection Bill, 2019. The bill includes requirement of notice and prior consent to use individual data, which limited the purpose for which the companies had processed this data for. These restrictions are put in place so that only necessary data is collected. The Indian government with this will wants to ensure that personal data of Indian citizens is safeguarded and not stored overseas. Truecaller highlighted this bill as one of the risks factors to its business in the <a href="https://corporate.truecaller.com/cms/18eb93ba-f68b-4446-829c-9d1ad3add6a5_TruecallerAB_prospectus2021.pdf">IPO prospectus</a>. It plans to raise SEK 1 billion, which is about $116 million. What does Truecaller say? “If adopted, the act, which is<a href="https://www.businessinsider.in/tech/news/indias-personal-data-protection-law-versus-europes-gdpr/articleshow/81504058.cms"> broadly modelled on the GDPR </a>[European Union’s General Data Protection Regulations] will establish a mechanism for protection of personal data and would set up a national data protection authority. It is possible that this act, if adopted and depending on the final form, could have unanticipated adverse effects on Truecaller’s business,” Truecaller said, in the IPO prospectus. “Additionally, if third parties that Truecaller works with — such as advertisers, service providers or developers — violate applicable laws or Truecaller’s policies, these violation may also put Truecaller’s information at risk and could in turn have an adverse effect on Truecaller’s business, revenue and financial results,” the company added. Penalties proposed under the data protection bill, 2019 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offence </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Penalty </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Processing or transferring personal data in violation of the bill </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fine of ₹15 crore or 4% turnover, whichever is higher </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Failure to conduct data audit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fine of ₹5 crore or 2% annual turnover, whichever is higher </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Re-identification and processing of de-identified data without consent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Imprisonment of up to three years, or fine, or both </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Why will a regulation in India impact Truecaller’s overall operations? The personal data protection bill will impact Truecaller’s operations in India, which contribute about 69 percent to its overall revenue. So even a minor impact coming from India could have larger implications for this Sweden-based company. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January-June 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January-June 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operating revenue (global) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEK 169,538,000 ($19 million) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEK 424,670,000 ($48 million) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss for the period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEK 36,413,000 ($4 million) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEK 117,622,000 ($13 million) </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Truecaller is the third largest communication platform in India, after Facebook and WhatsApp. About 73% — or 205 million — of its 278.1 million monthly active users are from India. It also counts companies like Uber India, Swiggy, Airtel, Flipkart, Byju’s, Urban Company, HDFC Bank, Unacademy, among others, as its key customers. India is also the biggest market for Truecaller in terms of workforce as 55% of its employees are based in the country. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-motors-tcs-hdfc-bank-icici-bank-and-other-trending-stocks-ahead-of-rbis-monetary-policy-meet/slidelist/86857252.cms">Tata Motors, TCS, HDFC Bank, ICICI Bank and other trending stocks ahead of RBI’s monetary policy meet</a> <a href="https://www.businessinsider.in/business/auto/news/heres-why-tata-motors-is-red-hot-even-when-82-of-its-business-is-still-in-the-woods/articleshow/86849799.cms">Here’s why Tata Motors is red hot even when 82% of its business is still in the woods</a> <a href="https://www.businessinsider.in/tech/news/google-and-youtube-say-they-will-cut-off-climate-change-deniers-from-being-able-to-monetize-their-content-and-display-ads/articleshow/86856039.cms">Google and YouTube say they will cut off climate-change deniers from being able to monetize their content and display ads</a>

You Searched For "indian companies in nasdaq" and got 9 results

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

ANI

Indian SaaS firm Freshworks lays off 90 employees

IANS

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

Bhakti Makwana

After Freshworks, Icertis is looking for an IPO for next year in the US

Kritti Bhalla

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

Kritti Bhalla

ReNew Power posts net profit of $1 mn for Q4 but ends FY23 in the red

Katya Naidu

FIIs sold off every month in the last one year barring September 2021

IANS

US stocks notch record highs after Fed said it will taper bond buying this month

Ahead of its $116 million IPO, Truecaller says India's upcoming data protection bill may affect future earnings

Kritti Bhalla

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