Every Startup owner dreams of creating his company so large and expanded that it becomes a world’s leading company in the industry. Every entrepreneur aims at getting the company listed on recognized stock exchanges.
Today we have come up with the story of one such Startup, which traveled the journey from starting at a very small level and today listed on the Nasdaq stock exchange of the USA.
Let’s get the deep insight of the Company and the founders behind such a successful startup.
“Freshworks”: The Journey from a Small Startup to Nasdaq exchange
History
Freshwork, a SaaS-based software company, was founded in 2010 by Girish Mathrubootham, Shan Krishnasamy, and Vijay Shankar in Chennai, India.
Freshwork provides software services to companies to assist them with their business software. Many Companies face this problem of getting stuck in business operations due to software that suits their business model. Freshworks provides solutions to all such software issues in one head.
The company offers their clients a range of services and products to enable their business run smoothly and operate without any software issues.
Business
Freshworks provides custom service software and automation tools for businesses. The company has a wide range of products for all types of businesses, from small to large. Freshworks helps the company create software that ease the business operations and at the same time is simple, affordable, and scalable.
Freshdesk or Freshworks? The Rebranding
Initially, the company was started as “Freshdesk” in 2010. With a motive of providing a fresh “help desk” to the customer. While offering customer support services, Freshdesk entered into ITSM and CRM domain products offerings.
In 2014, They launched a fresh service, it was the second product of the company.
Later in 2016, the company started a new product in the name “Fresh Sales”.
As the business expanded at a vast level the company thought of combining the brand as it will be easier to operate and functioning of the business.
After a long wait, in 2017, the company launched a new umbrella under the name “Freshworks”. This was the birth of freshworks. This was the one umbrella and had different names of every product offered by the company.
Vision
The company operates with a vision to become “One of the most loved companies in the world”.
The company has a mission “To help companies better engage and communicate with their customers and employees by referring business software that is easy to use, feature packed, and accessible to business of all sizes.
Financials
In the F.Y 2023, Freshworks has hit $337.8 million in revenue. It has shown 35.28% You basis growth in the revenue. The company had annual EBITDA of $209 million slightly higher than previous financial year. The company is showing higher growth both in terms of revenue and profit.
Funding
The company has raised total funding of around $480 million. The company has a valuation of $3.5 billion as per the last round of funding. The company has had more than six investors recently. The total funding has been raised through different rounds.
The Journey to Nasdaq
Freshworks entered the secondary market in 2021. The company had raised $1 billion through an IPO. The company was valued at $10.1 billion at the time of its IPO. The company’s stock symbol is NASDAQ:FRSH
Tag Line
The company operates with a tagline that defines “Refreshing Business Software” as the company name “Fresh”.
Competitors
The company has major rivals in the US market.
Some of the top Freshworls competitors includes:
- Zoho
- Microsoft
- Oracle
- SAP
- Sugar CRM
- Zendesk
Challenges
As Freshworks was the only company in the Indian industry to work in the Saas B2B solution, the company was unable to get the set benchmark and guide in various aspects of the business.The company needs the visibility of the infrastructure to overcome the challenge.
Future Plans
The company aims at focusing on building the business and expansion. The company at the same time aims at strengthening the position and share in the existing market.
Acquisition
The company has acquired many small startups and other companies from its inception. Some of the acquisition made by Freshworks are:
- AnswerIQ
- Flint
- CanvasFlip
- Natero
- Zarget
- Airwoot
- Chatimity
- Framebench
Conclusion
This was the complete view and insight of Freshworks Inc. One of the leading companies in SaaS-based B2B service providers. The company has shown a significant growth from the foundation and had travelled a long journey to the Nasdaq. During its journey from start till the Listing company had faced many major issues but had successfully been able to cope with them and stand out as one of the best providers in the industry. The company is looking forward to providing the best service and AI tech services in the future.
Disclaimer: This article does not promote any service or product of Freshworks. This is solely for your information purpose. The data provided here are from a desired and trustable source.
