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Salesforce rival Freshworks valued at over $ 12 billion in its early days



Salesforce rival Freshworks valued at over $ 12 billion in its early days


A man types on a keyboard at a convention in Las Vegas, Nevada, United States, on July 29, 2017. REUTERS / Steve Marcus

September 22 – Enterprise software company Freshworks Inc (FRSH.O) was valued at $ 12.2 billion when it debuted on Nasdaq on Wednesday after shares opened 21% above the offer price initial, indicating strong demand for businesses that thrived during the pandemic.

Shares of rival (CRM.N) opened at $ 43.50 from the IPO price of $ 36 per share.

Freshworks joins a wave of announcements from the software and tech industry, most of which have been well received by investors who see room for growth as companies increasingly embrace the hybrid work model increase demand for such products.

The company, launched from the Indian city of Chennai, offers a suite of products that help businesses manage their customers, such as a messaging platform and an artificial intelligence-powered chatbot for customer support.

Founded by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first fundraiser in 2011 and secured its first client, Atwell College in Australia, the same year.

Venture capital firm Accel and New York-based tech investment giant Tiger Global Management were the first investors in the company.

Freshworks said its technology is used by more than 50,000 companies, including leading names such as Delivery Hero SE (DHER.DE), Swedish payments company Klarna, Cisco Systems (CSCO.O), and General Electric. Co (GE.N).

On Tuesday, the company valued its IPO above the high end of the range to raise $ 1.03 billion. The San Mateo, Calif., Based company had previously increased its price range, aiming to sell 28.5 million shares to between $ 32 and $ 34 each.

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