Tech firm Freshworks on Wednesday made its debut on the Nasdaq stock exchange after a billion-dollar IPO, making it the first Indian SaaS company to list on the American bourse.
The San Mateo, California-headquartered software as a service (SaaS) company was founded in 2010 by Girish Mathrubootham and Shan Krishnasamy in Chennai.
The company had announced the pricing of its IPO of 28,500,000 shares of Class A common stock at $36 per share.
“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. #Freshworks #IPO #NASDAQ," Mathrubootham tweeted.
Speaking to reporters, he said Freshworks has in the last 10 years reached a revenue scale of more than $300 million.
“We are growing at a pretty healthy clip at more than 45%. We have more than 52,000 paying customers globally across 120-plus countries...more than 13,000 of those customers are paying us over $5,000 in annual recurring revenue," he said, adding that the company has more than 4,300 employees globally.
We operate in a massive $120 billion TAM (total addressable market) which shows how much further we can keep going. Freshworks is amongst the very few companies that have accomplished that scale and growth in a fairly efficient manner.
In fact in the last 12 months, we managed to generate over $25 million in free cash flow. So that combination of revenue scale, growth and efficiency, puts us in a great spot to continue our journey as a public company," he added.
Mathrubootham described the listing of the company as an "incredibly proud moment" as "Freshworks is the first SaaS company from India to go public in the US".
(With inputs from PTI)