Freshworks aims for nearly $9 billion valuation in US IPO – TechCrunch

Freshworks revealed Monday that it aims to raise up to 9 9 billion in its U.S. initial public offering in which it hopes to raise more than $ 800 million.

The California-based pay firm, which began its journey in India, and rivals Salesforce said it plans to sell 28.5 million shares for થી 28 to $ 32. If the firm is able to sell its shares in the top range, it will raise 912 million. FreshWorks originally filed paperwork for its IPO in late August, but did not release many figures.

The 11-year-old pay firm last valued at 2019 3.5 billion in the November 2019 financing round. The startup had planned to raise a pre-IPO round with a value of 5 5 billion earlier this year but decided against it, an acquaintance told TechCrunch about the matter.

Freshwork, which counts Excel, Sequoia Capital India, Tiger Global and Capitalji among its existing investors, develops and offers a wide range of business software tools, from CRM to help-desk software. In recent years, it has built the Enterprise SaaS platform to provide customers with a set of integrated business tools and has aggressively expanded to expand the offerings of its products.

The startup, which has applied to list its shares on the Nasdaq under the FRSH symbol, serves more than 50,000 customers and increased its revenue to $ 169 million in the first six months of the year, from $ 11 million in the same period last year. At the same time, its net loss fell to $ 9.8 million from $ 57 million a year earlier.

“First, based on industry research from the International Data Corporation (IDC), we believe we have a huge address market of about 120 120 billion,” the company said in an updated S-1 filing on Monday.

“Second, based on our internal data and analysis, we estimate the annual potential market opportunity for our products to be $ 77 billion. […] We expect that our projected market opportunity will further onboard customers or expand the use of our products, increasing the weighted average ARR per customer for use of our products. ”

TechCrunch recently spoke about the business with Girish Mathrubutham, co-founder and chief executive of Freshworks. Mathrubutham is one of the most respected entrepreneurs in India. With three friends, Mathrubutham launched a $ 8 million venture fund in late July of this year to support early-stage SaaS startups.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *