Freshworks Files For $100 Million IPO, Founder Thanks Rajinikanth
- ByAyushi Ray | August 28, 2021
Freshworks files for $100 million IPO, founder thanks Rajinikanth, “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 Freshworks IPO is one of the most anticipated in 2021, in what has been a record-breaking year in terms of funding for Indian startups and is the latest example of the software as a service boom underway.
Over the last year, SaaS IPOs in the US have performed spectacularly, popping (rising sharply) and creating billionaires overnight. The listings of Snowflake, Zoom, Cloudflare and Palantir — already-large private companies becoming even larger public companies — has sparked a new wave of enthusiasm from venture capitalists, private equity funds and hedge funds. Freshworks, last valued at $3.5 Billion is one of India’s leading software as a service or SaaS firms and is aiming for a $10 Billion valuation, according to a recent report. Mathrubootham drew an analogy with Apple in the prospectus, stating that he wanted to reimagine business software the same way. Freshworks said that it intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. It may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies.
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