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.

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