Merely a day after Freshworks, a SaaS-based platform, announced to expand its services into the US market, the platform has now raised $150 million (approx INR 1,060 crore) funding round from Google, Sequoia and Accel, reported Inc42.
While, according to the source, the current funding round was a pre-Initial public offering round as the company is looking to go public by 2021.
Girish Mathrubootham, founder and CEO at Freshworks, said that the company has crossed $200 million in annual recurring revenue (ARR).
Chennai-based Freshworks was founded by Girish Mathrubootham, Shan Krishnasamy in 2010. It provides SaaS-based solutions for organisations to enhance customer support, sales and marketing professionals by creating better communication channels to enhance customer experience and facilitating quicker resolution of issues.
Freshworks claimed that the company has 35,000 paying customers and its billings in the April-June quarter have increased by 69 per cent.
More than 2,000 Freshworks employees work out of Chennai, and it has offices in Bengaluru and Hyderabad. The company also claims that a significant portion of Freshworks’ revenue comes from small and medium businesses in the US.
The sources also revealed that the recent funding round will set the valuation of the company in order to get valued for the IPO.
Besides, Freshworks, other startups on the similar runway include Agile CRM, CapillaryTechnologies, BuildaBazaar, Chargebee, Hotellogix, etc.
Also read: SaaS-based unicorn Freshworks announces expansion of services in US market