News Update
Venture Capital firm: Sequoia picks up $94.8 Mn Worth of Freshworks’ Shares
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ByStartupStory | March 19, 2022
Sequoia India, a Venture Capital firm picked up about $94.8 Mn worth of Freshworks’ shares. In total, approximately 5.48 Mn shares were picked up by the Indian arm of the VC firm from the Chennai-based SaaS giant.
The announcement helped Freshworks rally nearly 10% on the Nasdaq stock exchange. On Wednesday, post the intra-day trading with a market cap of $5.2 Bn the stock closed at $18.52, up $1.59.
It is pertinent to note that in the SaaS startup Sequoia India holds 10% stake. According to the VC firm’s SEC filings, it picked up the stock in the price range of about $16.46–18.
Freshworks was founded by Girish Mathrubootham and Shan Krishnasamy in 2010. It offers a suite of softwares for customer management which includes an AI-powered chatbot and messaging platform for the customers support, along with a call centre-based solutions for customer service resolutions.
Last year in September, the SaaS giant was listed on the Nasdaq with an opening price of about $43.5. It was well above the set price of around $36 per share. The startup after following its great performance. peaked at around $53.36 and has since tanked to as low as worth $15.60.
A market cap of over $13 Bn was helped to be achieved by the Freshworks’ bumper listing, but the recent sell-off its market capitalisation has eroded to roughly about $5.2 Bn.
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