thenewsfacts.com
  • Home
  • Latest News
  • Trending News
  • Entertainment
  • Technology
  • Sports
  • Business
  • Health
thenewsfacts.comthenewsfacts.com
Font ResizerAa
Search
  • Home
  • Latest News
  • Trending News
  • Entertainment
  • Technology
  • Sports
  • Business
  • Health
Follow US
© thenewsfacts : All Rights Reserved.

Home » SaaS Startup Freshworks IPO at a Huge $9 Billion Valuation

Latest News

SaaS Startup Freshworks IPO at a Huge $9 Billion Valuation

TheNewsFacts
Last updated: September 14, 2021 10:23 am
TheNewsFacts
Share
SaaS Startup Freshworks IPO at a Huge $9 Billion Valuation
SHARE

SaaS Startup Freshworks plans to raise upto $912 million through its initial public offering (IPO), as per the regulatory filings with the US Securities and Exchange Commission on Monday. Freshworks was last valued at $3.5 billion in November 2019.

Freshworks will seek a valuation of almost $9 billion at the upper end of the price band, the filing showed. This will make Freshworks the most valuable SaaS startup from India, post-listing, zooming past the likes of application program interface (API) development platform, Postman, which was recently valued at $5.6 billion and mobile application testing platform, BrowserStack valued at $4 billion this year.

The company mentions it will sell 28.5 million of its Class A common stock between the price range of $28 to $32 per share. If it manages to sell its shares at the top range, then it will raise $912 million, which according to a Reuters report, would value the company at around $9 billion. 

Freshworks Seeks Valuation of $9 Billion for its IPO

“It is the small things that become the big things.

As gentle as a butterfly’s wings fluttering can cause a typhoon halfway across the world. We just have to believe we’re worthy.” #ReSolveSummit

— Freshworks Inc (@FreshworksInc) August 26, 2021

The software-as-a-service (SaaS) company had filed its IPO papers last month but had not divulged key details including the amount it was looking to raise. 

Founded in 2010 by Girish Mathrubootham and Shan Krishnasamy, Freshworks said it plans to use proceeds from the IPO for general corporate purposes, such as operating expenses, working capital, and capital expenditures. It may also use a portion of the proceeds to acquire complementary businesses, products, services, or technologies. 

In its latest regulatory filings with the SEC, Freshworks said it has a large addressable market of approximately $120 billion. And, the company estimates the annual potential market opportunity for its products to be $77 billion. 

“According to IDC, by 2025, the markets we address within CRM will represent a $76 billion opportunity and the SSM market will represent a $44 billion opportunity,” Freshworks said in its offer documents. 

Freshworks was last valued at $3.5 billion following a fundraise in 2019 and is backed by the likes of Accel, Sequoia Capital and Tiger Global. 

A $9 billion valuation would take Freshworks to the top of the pile of SaaS startups from India, ahead of Postman which was valued at $5.6 billion in its last round, and Browserstack at $4 billion.

In its filings last month, Freshworks said that its revenue in the last twelve months was $308 million. More importantly, its net loss reduced to $9.8 million from $57 million a year ago. The company claimed to have more than 52,500 customers worldwide. 

According to filings, Tiger Global PIP VI Holdings and Accel India III (Mauritius) own 26.24% and 25.79% respectively. Sequoia Capital Global Growth Fund III has a 12.26% stake in Freshworks whereas the company’s co-founder and CEO hold 7.08%. Google owns 8.31% stake in it. The remaining 20% is owned by other stakeholders including its second co-founder  Krishnasamy.

The company’s IPO is being led by Morgan Stanley, JP Morgan Chase and Bank of America. It is looking to list its shares in the Nasdaq Global Select Market. 

Freshworks has several big-ticket competitors globally including the likes of Salesforce and Palantir.

TAGGED: Freshworks, Freshworks IPO, IPO News, SaaS Startup Freshworks
Share This Article
Twitter Email Copy Link Print
Previous Article iPhone 13 Series New Leaks Emerge Ahead of Launch iPhone 13 Series New Leaks Emerge Ahead of Launch
Next Article How to Trade in Android Phone for an iPhone? Trade-in: Big Winner is iPhone New Study

Your Trusted Source for Accurate and Timely Updates!

We're committed to providing accurate and unbiased news as it unfolds, earning the trust of a large audience. Stay informed with our news updates on the latest events and trends, keeping you ahead of the curve.
FacebookLike
TwitterFollow
InstagramFollow

Popular Posts

Neeraj Chopra Etch Olympic History in Gold; PT Usha says Thank You my Son

Neeraj Chopra wins men's javelin and created history, being the first Indian Athlete to win…

By TheNewsFacts

Russia in War With Ukraine, Sensex Goes Down 2700 Points

The Russia Ukraine War has resulted in Sensex tank 2700 points today. The topline equity…

By TheNewsFacts

South Africa Vs India ODI: India Loose the series 3-0

South Africa vs India One Day Series results are out and India lost the series…

By TheNewsFacts

You Might Also Like

Meenakshi Alternates
BusinessLatest News

Meenakshi Group Unveils Rs. 700Cr “Meenakshi Real Assets Fund”

By NewsFacts Bureau
Bhool Chuk Maaf Box Office Report
Latest News

Bhool Chuk Maaf Crosses ₹54 Cr Globally in 7 Days

By NewsFacts Bureau
Bharat Biotech HILLCHOL
Latest News

Bharat Biotech’s Oral Cholera Vaccine HILLCHOL Demonstrates Success in Phase III Clinical Studies

By TheNewsFacts
Biovet Lumpy Skin Disease Vaccine Launched
Latest News

BIOLUMPIVAXIN: New Vaccine Now Available to Protect Livestock from LSD

By NewsFacts Bureau
thenewsfacts thenewsfacts

About US


TheNewsFacts: Brings you the interesting facts, news facts and updates from India an the world across politics, tech, entertainment, business, tending, and more. We deliver what you love to read.
Top Categories
  • Latest News
  • Trending News
  • Paris Olympics 2024
  • Sports
  • Entertainment
  • Business
  • Technology
Usefull Links
  • About The News Facts
  • Latest News
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Contact Us
Follow us
Facebook Twitter Instagram

© thenewsfacts. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?