In the world, few success stories shine as brightly as that of Freshworks Inc. a leading customer engagement software company, from its inception to its current position as a global player. Freshwork was established in 2010 by Girish Mathrubootham, and Shan Krishnasamy with their headquarters located in San Mateo, California.

Freshworks believes in the importance of providing businesses with accessible, scalable, cost-effective technology solutions that require minimal configuration. All of their products are designed to uphold this commitment and are supported by customer service. What sets Freshwork apart is that implementing its solutions is budget-friendly. We’re here to know about Freshwork in brief how the founder of Freshworks started their journey, what hurdles are faced by them and how they have achieved success from a small startup to a growing business.

You can also Read About: AI Startups In USA

Basic Information

Founded – 2010
Headquarters – San Mateo, California
Founders – Girish Mathrubootham, Shan Krishnasamy
Operating Status – Active
Stock Symbol – NASDAQ:FRSH
Former name – Freshdesk
Legal name – Freshworks Inc.
Total Funding: $498M (Wikipedia)

Freshworks – About, Mission

Freshworks is a prominent and globally recognized software-as-a-service or SaaS company that specializes in providing customer engagement and business software solutions. Founded in 2010 by Girish Mathrubootham and Shan Krishnasamy, the company has firmly established itself as a leader in the field of customer relationship management (CRM) and customer support software.

Mission: The mission of Freshwork Inc is to Simplify the art of delivering delight to both your valued customers and dedicated employees.

Freshworks Success Story

In 2019, Freshworks achieved a significant milestone by becoming the first Indian SaaS company to reach a billion-dollar valuation. 

By Following this accomplishment, Freshworks made history by debuting on the US-based Nasdaq stock exchange on September 22, further solidifying its position as the first Indian SaaS company to do so. This move propelled the company’s valuation to an impressive $10 billion.

The Indian SaaS industry had been experiencing substantial growth, but Freshworks’ Nasdaq listing marked a transformative moment, with a $12.2 billion valuation, opening at a remarkable 21% above its initial offering price of $36 per share. The step-by-step journey of the startup is explained here:

Freshworks – Journey

Here is an overview of the startup’s journey:

• In 2010 Co-founders Girish Mathrubootham and Shan Krishnasamy embarked on creating a user-centric cloud-based customer service software, culminating in the official incorporation of Freshdesk ad they regined from the ZohoCorp.
• In 2011, Mathrubootham created a team of 6 members and then secured its first round of funding, raising $ 1 million from VC firm Accel and welcoming its customer, Atwell College of Australia.
• In 2012 Freshwork Inc. accumulated $5 million in its second funding round from Accel and Tiger Global Management, a New York-based investment firm.
• In 2015 The startup expanded its portfolio through acquisitions, including 1click.io, Konotor, and Frilp and they have a customer base of 50000 users.
• In 2016 Freshworks introduced its second product, Freshsales, a CRM solution.
• In 2017 Freshdesk Inc. went rebranding and became Freshworks Inc. and at that time it has been used by 100000 companies in 147 countries.
• In 2018 The company achieved a significant milestone by surpassing $ 100 million in annual recurring revenue and launched the multi-product suite known as Freshworks 360.
• In 2019 Freshworks has 150,000 users and they earned recognition by securing the 40th spot on the Forbes Cloud List 100 for the third consecutive year and making an entrance into three Gartner Magic Quadrant Reports in the Customer Engagement Software segment.
• In 2020 The startup achieved remarkable growth, crossing $ 200 million in annual recurring revenue and rising to the 16th position on the Forbes Cloud 100 list. It also stood out as the sole “Visionary” company in Gartner’s Magic Quadrant for CRM Customer Engagement Center.
• In 2021 Freshwork Inc. continued its upward trajectory, surpassing $300 million in annual recurring revenue. They filed for $100 million IPO in the USA and made their debut by the stock Nasdaq and its valuation was $12 billion.
• In November 2022, Freshworks made a significant investment of $57 million in Keka HR, a startup based in Hyderabad that specializes in HR software. This investment marked the largest Series A funding round ever secured by a SaaS company in India.
• Moreover, in 2023, Freshworks is actively investing in AI and automation to develop new AI-powered features for its product portfolio. Simultaneously, the company is making strategic investments in automation to enhance the efficiency of its customer support operations.

Investors In Freshworks

The 4 main contributors or investors in the Freshworks are:

Accel: Accel is a global venture capital firm with a strong presence in Silicon Valley. They have been an early supporter of Freshwork and have participated for the first time in 2011 for $ 1 million and now supporting in multiple funding rounds. While the exact amount of their investment may vary over time, Accel has been a consistent backer of Freshwork company.

CapitalG: CapitalG, formerly known as Google Capital, is the growth equity investment fund of Alphabet Inc. (Google’s parent company). They invested in Freshworks to support its expansion and growth. The specific funding amount from CapitalG may not be publicly disclosed, but it is generally part of larger funding rounds.

Sequoia Capital India: Sequoia Capital India is a leading venture capital firm that has played a crucial role in Freshworks’ growth. They have invested substantial amounts in the company. However, the exact funding figures may vary depending on the funding round.

Tiger Global Management: Tiger Global Management is a renowned hedge fund and venture capital firm known for its investments in technology companies worldwide. They have invested in Freshwork to support its global expansion. Similar to other investors, the exact funding amount from Tiger Global Management may change with each funding round.

Freshworks Funding

Freshworks has done its first funding on Nov 30, 2011, of $484M over 9 rounds. In April 2012, Tiger Global and Accel Partners invested $5 million in a Series B round, after that Accel invested $7 million in November 2013 for Freshworks. In 2014, they obtained $31 M from the accel partners, Google Capital and Tiger Global Management. The firm raised $55 million Sequoia Capital India and Accel Partners in November 2016. In July 2018, Freshwork raised $100 million, led by Sequoia Capital & Accel Partners, with participation from CapitalG.

On August 28, 2021, the startup Freshwork announced its submission of initial documents for a USD 100 million IPO in the United States. Till now Freshwork has a Total Funding of $498.M as per Wikipedia.

Freshworks Products

• Customer Service Suite (Customer Service Product) – Freshworks’ Customer Service Suite is designed to enhance customer support and engagement. It combines multiple products to provide a unified platform for managing customer interactions, resolving issues, and improving customer satisfaction.
• Freshdesk (CRM Products) – Freshdesk is a cloud-based customer support software that helps businesses manage customer inquiries, track issues, and provide timely responses. It offers features such as ticketing, automation, and self-service options.
• Freshchat (CRM Products) – Freshchat is a modern messaging software designed for customer engagement. It enables businesses to engage with customers in real-time through chat, helping them address queries and provide support efficiently.
• Freshcaller (CRM Products) – Freshcaller is a cloud-based phone system for customer support and sales teams. It offers features like call routing, call recording, and call analytics to improve communication and customer service.
• Freshsuccess (Customer Service Product) – Freshsuccess helps businesses proactively manage customer relationships. It provides tools for tracking customer health, reducing churn, and driving customer success initiatives.
• Freshservice for Business Teams (IT Service Product) – Freshservice is designed to streamline IT support and service delivery within organizations. It offers features for incident management, asset management, and service catalogue management.
• Freshsales(CRM Product) – help sales teams manage leads, track deals, and automate sales processes. It assists in sales pipeline management and contact management.
• Freshsales Suite (CRM Product) –  offer a holistic sales and marketing solution. It includes Freshsales, Freshmarketer, and Freshconnect to provide a comprehensive sales and marketing toolkit.
• Freshmarketer (CRM Product) – is a marketing automation and optimization platform that helps businesses analyze customer behaviour, create personalized campaigns, and optimize website experiences to improve conversions and engagement.

In the end, Freshworks company has impressive journey since its establishment in 2010, evolving globally in the software industry. With a commitment to user-friendly, customer-centric solutions, Freshworks has consistently pushed the boundaries of innovation. Their recent $57 million investment in Keka HR in 2022 marked a significant milestone in India’s SaaS industry.

Reference Articles:

“Freshworks”
“IPO time: Innovative company Freshworks”
“How Accel spotted a winner in Freshworks”
“The success story of India’s first SaaS company to be listed in Nasdaq”