Salesforce‘s Indian rival Freshworks valued at $10 billion in US IPO
The company expects its shares to start trading on the Nasdaq on Wednesday under the stock ticker FRSH.
Freshworks is now headquartered in San Mateo, California, but the majority of its engineering staff is still based in Chennai, in southern India.
Investors have begun to pump money into Indian SaaS companies, as they believe that they could be the country’s next big thing in tech.
The Indian SaaS industry could be worth $1 trillion in value by 2030 and create nearly half a million new jobs, according to a recent report compiled by consulting firm McKinsey & Co. and SaaSBoomi, a community of industry leaders.
The majority of Indian SaaS companies serve international clients — Freshworks’ first client was in Australia. Investors also count as a big plus the country’s vast pool of English-speaking developers, and the relatively low cost of hiring them.
An Indian ‘pioneer’
Freshworks is India’s oldest unicorn — a term for startups valued at more than $1 billion — in the SaaS sector. The company has raised funds from investors such as Tiger Global and Accel, and has more than 50,000 customers.
This is turning out to be a landmark year for India’s tech unicorns. None had ever gone public before.