In a news depicting the lush-green pastures of IT sector, Indian IT company’s IPO has made 500 Indians crorepatis. Interestingly, 70 crorepatis in the list are aged less than just 30 years. The company in question here is Freshworks, a SaaS (Software-as-a-Service) startup which was founded by Girish Mathrubootham and Shan Krishnasamy in 2010.
Against all odds, the India grown and groomed venture made it big, and just a decade later, it got itself listed in NASDAQ, the US stock exchange. In a recent conversation with The Economic Times, the company CEO and founder Girish Mathrubootham claimed that the company has helped a lot of employees garner immense wealth. According to Girish, as many as 500 people have become crorepatis, with 69 of them aged below 30 years.
According to a TechCrunch report, India SaaS industry is projected to generate revenue which is somewhere between $50-$70 billion by the year 2030. This means that the SaaS industry is going to create value which will touch the $1 trillion mark.
It started with Zoho Enterprises, and soon, a way was paved for unicorns such as Postman, Freshworks, Eka, Zenoti, etc.
Giving a testament into how booming the SaaS space is, Freshworks recently had its IPO in NASDAQ.
The Facts of the Matter
On September 22, Indian SaaS giant added another feather in its cap. The company entered into the global market by debuting on the NASDAQ. The company has been able to raise 28.5 million shares at $36 per share.
Freshwork CEO Girish Mathrubootham spoke to the press after the milestone moment and was quoted saying, “It gives me a great sense of fulfilment today because I feel like this IPO has given me an opportunity as a CEO to fulfil my responsibility to all the employees of Freshworks till date, including those who are ex-employees today, and everyone who has believed in us over the last 10 years and contributed to Freshworks.”
A more interesting revelation came when Girish, or ‘G’, as he’s called by his colleagues, said that 76% of the company’s employees owns its own shares. He also said that the number could’ve been more had there not been a surge of hiring in the company.
70 Employees Crorepatis Who Joined Just After their College
Moreover, the 500 crorepatis that Freshworks made, have 70 of them who joined the company right from their college days a few years back. Girish, in his interview said that India must incentivise their employees more. “I truly believe that wealth has to be shared with the people who created it. It’s not just for the founders to get rich or the investors to get rich,” he added.
The Numbers Paint a Beautiful Picture
On Wednesday, Freshworks shares closed at $47.55 on the NASDAQ, which gives the company a valuation of whopping $13 billion. To give our readers perspective, the company valued $3 billion back in 2019 after its funding. However, the 2020 pandemic became a great opportunity for the company as businesses were forced to go digital.
So far, the company’s revenue has grown to $169 with a net loss dropping down to $9.8 million to a staggering $57 million which was reported in FY 2020.