This IT company’s nearly 500 Indian employees become crorepatis overnight, check details
By Sanjay Maurya
News Highlights
- On its first day on Nasdaq, Freshworks started at $36 per share, up 21%. By Wall Street company’s value at $12.2 billion.
- More than 500 FreshWorks employees in India are now millionaires.
- According to Mathrubhumi, Freshworks was not set up to buy BMW for itself, but to enable all its employees to do so.
Thanks to the Chennai and Silicon Valley-based company’s Nasdaq listing and producing wealth for its employees, more than 500 FreshWorks employees in India are now millionaires, with 70 of them under the age of 30. It is the first SaaS firm in India to go public. Approximately 4,000 people work for the company.
Due to the Freshworks initial public offering, the 46-year-old entrepreneur, who grew up in the historic city of Trichy in Tamil Nadu, now has a “great feeling of fulfillment” for assuring wealth creation for his employees.
It provides me a wonderful sense of satisfaction today because I think like this IPO has offered me a chance as a CEO to satisfy my responsibility to all of Freshworks’ employees to date, even those who are ex-employees presently, and everyone who has come to believe in us over the last 10 years and contributed to Freshworks, Girish said at a press conference.
He also stated that 500 of his workers had become crorepatis since the firm went public on 20th September, with 69 of them being under 30 years old. Freshworks employees make up two-thirds of the company’s stockholders.
He credited his business’s success to all of his staff, remarking that his organization is now scratching the surface of the $120-billion market opportunity in the industry. Freshworks was founded, According to Mathrubhumi, Freshworks was not set up to buy BMW for itself, but to enable all its employees to do so.
When questioned why Freshworks chose to list in the United States rather than India, he stated that the firm has always been a worldwide organization. It has clients in more than 120 countries, and all of its revenues have been reported in the United States. He went on to say, we’re essentially a US-headquartered firm, therefore I think listing in the US worked out better.
In its Nasdaq debut, the business software firm was valued at $12.2 billion, with shares opening 21% higher than the IPO price, suggesting significant demand for the company’s stock. Freshworks, based in Chennai, creates software that aids organizations in customer management, such as a messaging platform and a customer care chatbot driven by artificial intelligence.
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