fell Zendesk Inc. in terms of market capitalization for the first time. Since then, however, it has been a slippery slope for the stock of India’s mother-in-law poster child.
On November 2, shares of the Chennai- and San Mateo, California-based software-as-a-service company hit a high of $53.35 per share, giving the company a market cap of $13.56 billion—about 1.4 from Zendesk’s $12.1. Billion dollars more. billion that day.
that’s because
Freshworks September Quarter Results announced on the same day.
The Girish Mathrubhumi-led firm’s net loss stood at $0.04/share against an estimated $0.10/share, even as revenue rose 46% to $96.6 million. Free cash flow was negative $4.2 million compared to $10.3 million in the year-ago period.
“We beat our earnings numbers (and) we beat our revenue numbers,” Mathubootham said then, adding that the company thought its net dollar retention — the amount of revenue it recorded from its existing customers from the previous year — was too high. Will come down 118%. “But we had strong expansion in our existing customers so we still had 117% net dollar retention. Overall, I think we are quite pleased with the results for the third quarter.”
The company has raised its revenue forecast for the fourth quarter and full year. It now expects revenue to be in the range of $99-101 million in Q4 and $364.5-366.5 million in 2021. freshworks,
Which was listed on Nasdaq in September, considers the calendar year as its fiscal year.
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Freshworks launches $500 million share sale to tap listing gains
It has been a banner year for Indian SaaS as investors increasingly favored cross-border companies amid a record-breaking year of fundraising. mother in law firm
postman And
browserstack It has raised capital at a much higher valuation than in its previous rounds, a sign that premium investors are reporting these companies.
ETtech(Graphics: Rahul Awasthi/ETTech)
The new year comes with the promise of even brighter possibilities.
Revenues of Indian software product companies are expected to reach $18-$20 billion by 2022, doubling their share of the global SaaS market to around 7-9%.
Bain & Company has released its India SaaS Report 2020. said in,
The report found that the number of Indian SaaS companies has doubled to around 7,000-8,000 in the past five years, of which over 1,200 have raised funds.
ETtech“Indian-founded companies have been widely appreciated and the impact they are having on global SaaS is unprecedented,” said Arpan Sheth, senior partner at Bain & Company and one of the authors of the report. The number of companies with an ARR over 100 million is 4-5, but my understanding would be that within a few years we’ll have two or three with revenues exceeding $1 billion.”