Salesforce competitor Freshworks targets $9bn IPO

Salesforce competitor Freshworks is targeting a $9 billion valuation in its upcoming initial public offering (IPO).

The San Mateo, California-based company, founded in 2010, aims to raise over $800 million.

Freshworks sells a variety of software-as-a-service (SaaS) products focused on contact centre, support desk, and “customer success” use cases.

Freshworks plans to sell 28.5 million shares at a price of between $28 to $32.

The firm claims it has over 50,000 customers and reported revenues of $169 million for the first six months of the year, a year-on-year rise of 53 per cent, up from $111 million.

Freshworks said its net losses fell 83 per cent to $9.8 million, down from $57 million a year ago.
The company was originally founded in Chennai, India by Girish Mathrubootham and Shan Krishnasamy.

The news comes after Freshworks was valued at $3.5 billion in a November 2019 funding round, with backers including Sequoia Capital, CapitalG (formerly Google Capital) and Accel.

    Share Story:

Recent Stories


Bringing Teams to the table – Adding value by integrating Microsoft Teams with business applications
A decade ago, the idea of digital collaboration started and ended with sending documents over email. Some organisations would have portals for sharing content or simplistic IM apps, but the ways that we communicated online were still largely primitive.

Automating CX: How are businesses using AI to meet customer expectations?
Virtual agents are set to supplant the traditional chatbot and their use cases are evolving at pace, with many organisations deploying new AI technologies to meet rising customer demand for self-service and real-time interactions.