[the_ad id="83613"]
Freshworks

Freshworks’ CEO, employees and others to sell shares worth over $500 Mn

Freshworks

A poster-child of the Indian SaaS space, Freshworks has initiated a share sale of more than $500 million for its senior-level leadership, employees and other shareholders, making it one of the largest cashouts by an Indian startup this year. 

The company has filed a re-offer prospectus with the US Securities and Exchange Commission to initiate the sale of 13,555,142 shares of Class A common stock. 

As part of the liquidity event, Freshworks CEO Girish Mathrubhootham will offload more than 2.4 million shares worth over $92.7 million. The company’s chief revenue officer Jose Morales and chief product officer Srinivasagopalan Ramamurthy will sell shares worth over $11.5 million each. 

In total, the company is looking to gradually sell shares worth more than $519 million. The last reported sale price of the company’s Class A common stock was $43.06 per share. At the time of publishing, Freshworks’ shares were trading at $38.3 per share.  

Freshworks became the first Indian-origin software startup to list on the Nasdaq stock exchange following a billion-dollar initial public offering in September, when it raised $1.03 billion, attaining a market cap of well over $10 billion. At the time of writing this story, it had a market capitalisation of $10.8 billion.

In its third-quarter earnings announced last week, Freshworks posted a 46% year-on-year growth in revenue to $96.6 million for the September quarter. Net losses stood at $107.4 million for Q3 2021 as compared to Net income of $1.4 million earned during Q3 2020. However gross profits have grown by 40% to $74.4 million during Q3 2021 as compared to $53.02 million generated during Q3 2020. 

Shruti Gupta | Entrackr

According to the company’s forecasts, it is expecting to rake in revenues between $99-$101 million in the December quarter and between $364.5-$366.5 million in revenues for the whole of 2021. 

Freshworks said the number of customers contributing more than $5,000 in annual recurring revenue (ARR) was 14,079, an increase of 31% year-over-year.

About Author

Send Suggestions or Tips

Freshworks

Freshworks’ CEO, employees and others to sell shares worth over $500 Mn

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 3.0. For any other queries/concern: pls drop a email on: [email protected] or [email protected]
X