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SaaS Unicorn Freshworks received $85 Mn funding from Steadview Capital

Saransh Pandey

Intern
  • July 30, 2020
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    • Freshworks received funding of $85 Mn in Series H round of funding.
    • Freshworks has raised $150 Mn at a post-money valuation of $3.5 Bn. 
    • Series H round was led by Sequoia Capital, CapitalG, and Accel.

In its Series H round of funding Indian SaaS unicorn Freshworks raised $85 Mn from Steadview Capital Management. The transaction which was closed in January 2020, has come at a gap of two months after Freshworks raised $150 Mn at a post-money valuation of $3.5 Bn. 

Sequoia Capital, CapitalG, and Accel led the Series H round for Freshworks. The company will utilize the funding to create a unified SaaS platform for all key business sectors like marketing, sales, support, and customer success. The company is planning to launch Customer-for-Life Cloud which will give its user a better experience. 

Now with the company’s latest product, the organization’s business teams would be able to know their customers in a better way which will in turn help the teams to fulfill customer satisfaction and increase lifetime value which will help the company to grow. 

Girish Mathrubootham and Shan Krishnasamy started Freshworks with an initial name of Freshdesk in 2010 which initially worked as a helpdesk software for customer support. It was renamed Freshworks in June 2017, and today the company has over 150K clients across the globe. Its main client includes leading companies like NHS, Honda, Rightmove, Hugo Boss, Citizens Advice, Toshiba, Cisco, and others. 

The company since its foundation has seen new heights, it has closed to 35K paying customers and its billings increased by 69% in the financial year 2020. Today, the company has a strong workforce of 2,700 employees working in 13 offices around the world. Freshworks net profit increase to INR 30 Cr in 2019 from INR 17 Cr in the financial year 2018. Company’s revenue saw a hike of 59% to reach INR 404.7Cr. 

The company is planning to go public by 2021 and according to reports the company can make its entry in the New York-headquartered stock exchange, NASDAQ. To advertise its brand in the US Freshworks acquired Seattle-based AI startup AnsweriQ. To strengthen its Freshservice’s IT service management (ITSM) and IT operations management (ITOM) capabilities, the company acquired Pune-based cloud platform Flint.