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SaaS unicorn Freshworks files for IPO
August 30, 2021
Software Company Freshworks has filed for an IPO in the United States. The organization is looking to raise $100 million, a placeholder amount which could change going ahead, its filings with the US Securities and Exchange Commission showed.
The organization, established in 2010 by Girish Mathrubootham and Shan Krishnasamy, said it plans to use proceeds from the initial public offer for general corporate purposes, such as operating expenses, working capital, and capital expenditures.
Freshworks may likewise use a portion of the proceeds to acquire complementary businesses, products, services, or technology, it said in its SEC filings.
The organization’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 was last valued at $3.5 billion following a fundraise 2019 and as indicated by a Reuters report, is looking at a valuation of $10 billion after the IPO. The organization is backed by any likes of Accel, Sequoia Capital and Tiger Global. That valuation will take it to the top of the pile of SaaS start-ups from India, in front of Postman which was valued at $5.6 billion in its last round, and Browserstack at $4 billion. As India’s first SaaS unicorn, the move to be first to list, and that too overseas, is not so unexpected in that context.
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