Freshworks became the first indian unicorn  to go public in the united states on Wednesday, transforming more than 500  of the B2B SaaS company's  workers in india into crorepatis (those with assets worth at least one crore or Rs 10 million),  according to Co-founder  and  CEO Girish Mathrubootham.

Thanks to the Freshworks initial public offering,  the 46-year-old entrepreneur, who grew up in the historic city of Trichy in tamil Nadu,  now has a  "huge feeling of fulfilment"  for assuring wealth creation for his employees (IPO).

The software-as-a-service (SaaS)  firm raised $1.03 billion at a valuation of over  $10 billion after debuting on the Nasdaq Global Select Market at a price far over its IPO target range. The Accel and Sequoia Capital-backed SaaS business,  which trades on the Nasdaq under the ticker code FRSH,  sold 28.5 million shares for $36 each,  much above its revised IPO price range of $32-$34,  indicating significant investor demand.

According to Girish, at least 76%of Freshworks workers now hold stock in the business. He went on to say that the figure would have been higher if it hadn't been for a recent flurry of hirings, which reduced it down to 76%.

According to Girish, at least 70 of the more than 500 new crorepatis hired as a result of the Freshworks IPO are under 30 years old, with many joining the firm right out of college.

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Freshworks

Sachin

23/09/2021 11:30 AM