Shares of fireworks an Indian descent company rose 32 percent in a single day of listing on Nasdaq. Shares of FreshWorks Company closed at $ 47.55 on Wednesday in Nasdaq trading. The market value of the company has risen to $ 13 billion.
About 500 Indian employees at Freshworks became millionaires in a single day, according to company founder Girish Mathrubootham. About 70 employees are under the age of 30. The company has approximately 4300 employees worldwide. About 76 percent of employees own Freshworks shares.
Freshworks is an Indian software company listed on the Nasdaq Stock Exchange. Fresh Works was founded in 2010 in India by Girish Matrubootam and Shan Krishnaswamy.
The company moved from India to the US, Silicon Valley a few months ago to stay closer to their customers. FreshWorks now has significant employees in Chennai, in San Mateo, California.
Freshworks has raised funds from investors such as Axel and Sequoia Capital. Freshworks is one of more than a dozen Indian companies listed on the Nasdaq Stock Exchange, including Infosys, Wipro, WNS, Dr. Reddy’s, and HDFC Bank. Infosys was the first Indian company to be listed on the Nasdaq Stock Exchange in 1999.
Freshworks is the first Indian software products company listed on Nasdaq Stock Exchange. Raised more than $ 1.03 billion from investors through a public offering at a market cap of $ 10.13 billion. The company said in a press release Wednesday that it had sold 28.5 million shares for $ 36. “I’m really proud to have come this far. We will show the world what a global product company from India can achieve,” said Girish, co-founder, and CEO of Freshworks.
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Freshworks recently raised $ 40 million (Rs 2,925 crore). The company is valued at $ 3.5 billion. Giants Sequoia Capital, Axel, Tiger Global Management, Capital G, and others have invested in Freshworks.
SAP IPOs have been successful in the US over the past year. It has become one of the largest domestic SAss start-ups. Girish, the co-founder of FreshWorks, founded the company in 2010. The company raised $ 1 million for the first time in December 2011 from Axel Partners.
It became the nation’s first Sass company seven years later when Axel raised $ 100 million from Sequoia Capital as part of the seventh round of funding. Also, became the first Sass company to be worth $ 1 billion.
FreshWorks is one of more than a dozen Indian companies listed on the Nasdaq Stock Exchange, including Infosys, Wipro, WNS, Dr Reddy’s and HDFC Bank. Infosys was the first Indian company to be listed on the Nasdaq Stock Exchange in 1999.
Fresh Works, the latest to join the rush of venture-funded companies in India to aggressively diversify beyond the private markets behind the stellar domestic list by food technology platform Zomato in July.
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