On September 22, 2021, Freshworks became the first Indian SaaS company to be listed on Nasdaq.[4] In its initial public offering, Freshworks raised $1.03 billion[4][5] following earlier funding rounds from venture capital firms such as Accel and Google's venture capital fund, CapitalG.[6][7]
History
Freshworks was founded in 2010 by former Zoho employees Girish Mathrubootham and Shan Krishnasamy in Chennai, India, as Freshdesk.[8][9] The company moved their headquarters to San Mateo, California, in 2018.[4] The company focuses on developing cloud-based customer service software and has undergone multiple rounds of funding from investors such as Accel, Tiger Global Management, and Sequoia Capital.[10]
During its development, Freshworks acquired three other companies, 1CLICK.io, Konotor, and Frilp, in 2015.[11] In 2016, the company launched its second product, Freshsales, a customer relationship management (CRM) software.[12]
In 2017, Freshdesk officially changed its name to Freshworks Inc. This change was part of their strategy to become a multi-product company and avoid limiting their brand to just helpdesk solutions.[13] In 2018, the company achieved annual recurring revenue of over $100 million and launched a product suite called Freshworks 360.[14] In 2020 Zoho accused Freshworks of stealing Zoho's intellectual property, and the lawsuit was settled in 2021.[15]
The company's annual recurring revenue was reported as over $200 million in 2020, over $300 million in 2021, and $400 million in 2022.[16] In 2023, Freshworks set a goal of $1 billion total revenue by 2026.[17]
Freshworks disclosed that it acquired Device42, an American IT-management firm, for $230 million in May 2024. Also in May, Mathrubootham transitioned to the role of executive chairman, with Dennis Woodside succeeding him as CEO.[18][19]
