Good Morning,
India’s IPO gold rush continues, with SaaS unicorn Freshworks the latest to join the bandwagon.
The Chennai and San Mateo-based startup has filed for a $100 million IPO in the US. It intends to list its Class A common stock on the NASDAQ Global Select Market under the ticker symbol “FRSH”. The $3.5 billion-SaaS powerhouse is reportedly seeking a post-IPO valuation of $10 billion.
In an interesting postscript in the S1 filings, Freshworks Founder and CEO Girish Mathrubootham doffed his hat to Tamil cinema superstar Rajinikanth, acknowledging him as his ‘maanaseega guru’ (loosely translated to ‘mentor from afar’). He also revealed that Freshworks’ codename for the IPO roadmap was 'Project SuperStar'.
Freshworks CEO Girish Mathrubootham
The company shared that its last twelve months (LTM) revenue has jumped 49 percent to $308 million, while losses were trimmed to $10 million. Freshworks has over 52,500 enterprise customers around the world, and is chasing a $120 billion global SaaS opportunity.
This is India’s second high-profile unicorn IPO after Zomato’s successful listing on the BSE last month. The Rs 9,375 crore public listing of Zomato, which includes a Rs 375 crore secondary share sale by Info Edge, received overwhelming support from investors, and was oversubscribed by around 44 times.
Earlier this month, vertical commerce unicorn Nykaa too filed for an IPO, becoming the first profitable startup to do so. Meanwhile, travel startup ixigo, has also filed preliminary papers with the capital markets regulator SEBI to raise Rs 1,600 crore through an initial share sale.
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News & Updates
- Nazara Technologies has acquired Hyderabad-based skill gaming company OpenPlay for Rs 186.4 crore. OpenPlay operates a multi-game consumer gaming platform under the Classic Games brand, which hosts popular skill-based games.
- IIT Madras has developed India’s first indigenous motorised wheelchair vehicle that can be used on roads and also on uneven terrains. With the motor-powered attachment called ‘NeoBolt’, the wheelchair, called ‘NeoFLy’ can get a maximum speed of 25 kmph.
- Prime Venture Partners has announced the close of its Fund IV of $100 million, with a first close of $75 million (Rs 556 crore). The VC had also raised $72 million in 2018, the second fund of $46 million in 2015, and an $8 million first fund in 2012.
Before you go, stay inspired with…
Freshworks CEO Girish Mathrubootham
“I want to go and accomplish bigger things, but it doesn't mean that I have to. Even if I'm taken out as the CEO of Freshworks tomorrow, I will still be happy that I have been able to come so far, and I will talk about that and do what I can with my friends and I'll be happy. Being happy is a choice, and I have made that choice several years ago in my life.”
— Girish Mathrubootham, Founder and CEO, Freshworks
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Link : https://yourstory.com/2021/08/freshworks-saas-unicorn-girish-mathrubootham-ipo-paytm-nykaa
Author :- Team YS ( )
August 29, 2021 at 06:00AM
YourStory