Ground Report | New Delhi: Freshworks employees become millionaires in India; Freshworks became the first Indian unicorn to go public in the US and with this, over 500 employees in India have become millionaires. (An individual who has a net worth of at least one crore or 10 million rupees), co-Founder and CEO Girish Mathrubhumi said.
The 46-year-old entrepreneur, who grew up in the ancient city of Trichy in Tamil Nadu. Now feels a “great sense of fulfillment” in ensuring wealth creation for his employees’ thanks to the Freshworks Initial Public Offering (IPO).
Freshworks employees become millionaires in India
- Mathrubootham said in an interview that our employees are also our shareholders. This IPO has given me the opportunity to fulfill my responsibility as CEO to both early shareholders, VC investors, and employees who believed in the FreshWorks dream. What we needed most was the trust of the early employees and investors who supported us and believed in our dreams. As a CEO, I am pleased to fulfill my responsibility and now it is up to me to take on the new responsibility of the public investors who have invested in the future of FreshWorks.
- Matrubhootam said that 76 percent of our employees hold shares in the company. More than 500 of our employees have become millionaires in India. He has completed his college studies only a few years back and he is fully qualified for it.
- Business software maker FreshWorks began its trading the Nasdaq at $43.5 per share. Up 21 percent from the company’s listing price of $36 per share. With this, the company’s market cap has increased to $12.3 billion.
- Freshworks, software services company to be listed on the Indian stock exchange, had a total market valuation of $3.5 billion when it raised $150 million in November 2019 from Sequoia Capital, Capital G, and Essel.
- Matrubhootam said that today I feel like the Indian player who has won the gold medal in the Olympics. We have shown the world what India’s global product company can achieve.
Freshworks plans to use the proceeds from the IPO for general corporate purposes, working capital, operating expenses, and capital expenditure. The Company will also use a portion of the funds to acquire complementary businesses, products, services, and technologies.