Product Code Database
Freshworks Inc. is a cloud-based software-as-a-service company, founded in 2010 in Chennai, India. The company provides cloud-based tools for customer relationship management (CRM), IT service management (ITSM), and e-commerce marketing.
On September 22, 2021, Freshworks became the first Indian SaaS company to be listed on Nasdaq. In its initial public offering, Freshworks raised $1.03 billion following earlier funding rounds from venture capital firms such as Accel and Google's venture capital fund, CapitalG.
During its development, Freshworks acquired three other companies, 1CLICK.io, Konotor, and Frilp, in 2015. In 2016, the company launched its second product, Freshsales, a customer relationship management (CRM) software.
In 2017, Freshdesk officially changed its name to Freshworks Inc. This change was part of their strategy to become a multi-product company and avoid limiting their brand to just helpdesk solutions. In 2018, the company achieved annual recurring revenue of over $100 million and launched a product suite called Freshworks 360. In 2020 Zoho accused Freshworks of stealing Zoho's intellectual property, and the lawsuit was settled in 2021.
The company's annual recurring revenue was reported as over $200 million in 2020, over $300 million in 2021, and $400 million in 2022. In 2023, Freshworks set a goal of $1 billion total revenue by 2026.
Freshworks disclosed that it acquired Device42, an American IT-management firm, for $230 million in May 2024. Also in May, Mathrubootham transitioned to the role of executive chairman, with Dennis Woodside succeeding him as CEO.
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