Freshworks files for $100 mn IPO in US, superstar Rajinikanth gets a special mention
Bengaluru, 28 August SaaS (software as a service) provider Freshworks Inc has filed for an initial public offering (IPO) worth $100 million in the US on Friday.
The company provides customer-relations management software and is a competitor to Salesforce.com which was valued at $3.5 billion in 2019 funding round.
The company was founded by Girish Mathrubootham and Shan Krishnasamy in Chennai, though the SaaS startup moved its headquarters to Silicon Valley later.
Now based in San Mateo, California, the company has a substantial workforce in the southern Indian city of Chennai.
While Freshworks listed the size of the offering as $100 million, this is set to change once terms are more well defined.
"As I reflect on how far Freshworks has come these last 10+ years, this is a proud moment for all of us, and today, I feel really good," Freshworks founder Girish Mathrubootham said in a letter filing with the exchange.
"From the beginning, I wanted to build a company optimised for employee happiness; we want our employees to have the best experience of their life at Freshworks. And for us, the journey will always be more important than the destination," he added.
Showing his love and gratitude towards superstar Rajinikanth, the regulatory filing has a special mention of the superstar. The company has also termed the IPO as Project SuperStar.
"I want to express my love and gratitude to him for being my maanaseega guru. There is no comparable English word to express what this means. It is a mentor; a role model that lives in your mind, from whom you learn a lot by watching from afar. SuperStar is a man who is loved and worshipped by millions of fans globally. He is immensely successful yet humble and down to earth. Thank you, Thalaivaa!" wrote Girish in the postscript of the filing.
Once listed, this will be the third major technology firm with Chennai origin to go public in Nasdaq. Cognizant and Sify are the two companies from Chennai with US listing so far.