Freshworks becomes first Indian SaaS unicorn to list in the US.
- ByAyushi Ray | September 23, 2021
Freshworks becomes first Indian SaaS unicorn to list in the US. “Today is a dream come true for me — from humble beginnings in Trichy to ringing the bell at Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners, and investors for believing in this dream,” said Girish Mathrubootham, Co-founder and CEO of Freshwork addressing the joyous occasion. On Wednesday, the software-as-a-service (SaaS) company officially became a publicly traded company, after debuting on the Nasdaq Global Select Market at a price well above its initial public offering (IPO) target range to raise $1.03 billion at a valuation of over $10 billion. The Accel and Sequoia Capital-backed SaaS pioneer, which is listed under the ticker symbol ‘FRSH’ on the Nasdaq, sold 28.5 million shares at $36 apiece, above its increased IPO price range of $32-$34 a share, signalling strong investor interest.
“I am proud and humbled that Freshworks is now trading on Nasdaq as FRSH. The journey to get here has taken 11 years, a lot of hard work, and loads of good fortune. Thank you to everyone who’s been on this journey with us. Here’s to life as FRSH!,” Girish said. first Indian B2B SaaS unicorn to go public and as the first Indian unicorn to list in the US markets, Freshworks is paving the way for the growing crop of Indian SaaS unicorns from the Indian startup ecosystem, which includes the likes of subscription billing and revenue management platform Chargebee, SaaS-based data protection and management products provider Druva, and cloud web and mobile testing platform Browserstack. “Today Freshworks becomes the first Indian-origin SaaS company to list on a US exchange. Their story from aspirational beginnings to IPO and beyond will inspire entrepreneurs across the globe. Today, Freshworks is the torch-bearer as the first SaaS company of Indian origin to list on a US exchange. We are eager to see who will now follow, and from where they may emerge,” wrote Accel’s Sameer Gandhi and Shekhar Kirani in a congratulatory message to Girish, Co-founder and CTO Shan Krishnasamy,
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