Sequoia Capital, Accel, others to invest $150 million in Freshworks by end of 2019

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Freshworks, a SaaS-based platform, has inked an agreement for a $150 million (approx INE 1,078 crore)series H round from Sequoia Capital, CapitalG, and Accel, which is expected to close by the end of 2019, reported Inc42.

Post investment, the Chennai-based company Freshworks will value at $3.5 billion.

Freshworks will be using the raised financials to create a more cohesive software-as-a-service (SaaS) platform for all key business verticals, i.e marketing, sales, support and customer success.

“The Customer-for-Life Cloud enables businesses to sharpen their customer understanding to better predict and enable success, displacing dismal legacy SaaS solutions that have over-promised and underdelivered with eye-popping regularity,” Girish Mathrubootham, CEO and co-founder at Freshworks, said.

Chennai-based Freshworks was founded by Girish MathruboothamShan 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.

According to Freshworks, if the deal becomes successful, it will help the team to be more proactive in terms of increasing customer satisfaction and lifetime value, in turn, helping the company to grow.

In addition, the company will be using the funds to expand internationally as well.

Besides, Freshworks, other startups on the similar runway include Agile CRMCapillaryTechnologiesBuildaBazaarChargebeeHotellogix, etc.

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