500 Employees Of This Indian Startup Become Crorepatis After IPO!
Freshworks, a software company, debuted on the Nasdaq stock exchange on Wednesday. Freshworks is now a billion-dollar IPO and it is also the first Indian SaaS company to do so.
Freshworks was created in India by Girish Mathrubootham and Shan Krishnasamy in 2010 and relocated to Silicon Valley. The corporation relocated in order to be closer to consumers and it is now situated in San Mateo, California, employs a sizable staff in Chennai.
Freshworks stock jumped 32% after the company raised $1 billion in an IPO priced above its marketing range. The tech company’s stock closed at $47.55 in New York trade on Wednesday, giving it a market worth of $13 billion.
Freshworks Employees In India Are Now Crorepatis ! Know How?
Freshworks’ excellent debut has resulted in over 500 employees in India becoming crorepatis, with roughly 70 of them being under the age of 30.Freshworks employs 4,300 people worldwide, with 76 percent of them owning stock in the company.
“Our employees are also our shareholders. This IPO has allowed me the opportunity to fulfil my responsibility as a CEO to early shareholders, both VC investors and employees, who believed in the dream of Freshworks. We needed all the trust and belief of the early employees and investors, who joined us and believed in the dream. As CEO, it is immensely fulfilling for me to finish my responsibility as I take on the new responsibility of public investors who have now invested in the future of Freshworks,” Mathrubootham said in an interview with Moneycontrol hours after ringing the Nasdaq bell.
“Seventy-six percent of our employees hold shares. The number was higher, at 90 percent, but because we have been hiring so many people recently, it is 76 percent. For our employees in India, we have more than 500 crorepatis and 70 of them are under the age of 30. They passed out of college a few years ago and they fully deserve it,” he added.
Who Are The Other Investors ?
Mathrubootham said that the company, which has received capital from Accel and Sequoia Capital, has a unique strategic edge in India because of its access to top talent in Chennai, Bengaluru, and Hyderabad.
“…We are growing at a pretty healthy clip at more than 45 per cent…We have more than 52,000 paying customers globally across 120-plus countries…more than 13,000 of those customers are paying us over USD 5,000 in annual recurring revenue,”
“What I am super happy about is what this means for India SaaS. We have a whole next set of entrepreneurs and founders who are building companies that are scaling nicely, and we all want to share this dream of India as a prospect nation, and I’m excited to see the next set of companies go public, and we want to see more global product companies from India,”