Freshworks mega debut on Nasdaq; Indian SAAS startup creates 500 crorepatis in a first of a kind listing

Freshworks debut was filled with fireworks on Nasdaq, the Software as a service (SaaS) company was valued at over $12 billion after shares opened 21% above the initial offering price. Freshworks becomes the first Indian software maker and the first unicorn to list on the US tech exchange.

I feel like an Indian athlete who has won the gold medal at the Olympics," said Freshworks cofounder Girish Mathrubootham during the iconic bell ringing ceremony at Nasdaq.

Founded in 2010 by Mathrubootham and Shan Krishnasamy as Freshdesk, the company rebranded as Freshworks in 2017. It counts the likes of Accel, Sequoia Capital, and Tiger Global among its investors and was last valued at $3.5 billion in 2019 vs $12 billion valuation at listing.

An overjoyed founder Girish Mathrubootham said, "Over 500 employees in India are now crorepatis, Around 70 of them under 30 yrs Each of my employees have earned it. Wealth has to be shared with people who helped create it… it’s not only for founders & CEOs to enjoy it 76% of our employees own shares in Freshworks"

PE partners Sequoia and Accel also took to social media to congratulate the decade old startup at the stellar debut.