The San Mateo-based startup, which was founded in Chennai, plans to sell 28.5 million shares at a price range of $32-$34, the company said in an update to its S-1 filing with the US Securities and Exchange Commission.seconds) on Monday.
The customer engagement software maker, which rivals Salesforce, could raise $969 million if investors buy at the upper end of the price band, an offer amount of $1 billion if 2.85 million additional shares are over-allocated. becomes more than
Freshworks reported a 53% increase in its revenue to $169 million in the six months ended June 30, 2021, compared to $110 million in the same period last year. At the same time, the loss came down sharply by 83 per cent to $89 million.
The company was valued at $3.5 billion in November 2019 when it raised $150 million from Sequoia Capital, CapitalG and Accel.
Its prospectus, filed with the SEC last month, showed that investor partners Accel and Tiger Global both own more than 25% of the company’s Class B shares, while Sequoia Capital owns slightly more than 12% of the same class of shares. is the owner of.
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The Software as a Service (SaaS) startup is seeking to get its shares listed on the Nasdaq Global Select Market under the symbol FRSH.
FreshWorks is the latest to join the horde of venture-funded companies in India, which is also aggressively diversifying from private markets on the back of a stellar home listing by food technology platform Zomato in July.
Meanwhile, a wave of listings in the US by technology ventures such as Zoom, Snowflake, Asana and Palantir has been very well received in the backdrop of increasing digitization across the globe, especially after the onslaught of the Covid-19 pandemic.
The company said it now has more than 52,000 customers and generated revenue of $308 million over the past 12 months, a more than 40% increase while posting a net loss of $10 million over the same period.