California-based SaaS company Freshworks is aiming for a valuation of $9B in its US initial public offering, from which it hopes to raise $800M. The company hopes to sell 28.5mn shares in the range of $28 to $32. If it’s able to sell at the top range, it will raise up to $925mn. The startup, which had filed paperwork for an IPO in late August, has applied to list its shares on NASDAQ under the name FRSH.
The demand for cloud-based software as a Service and digital apps witnessed a north swing, as the pandemic push has all-time increased the demand for digitisation. SaaS companies and digital apps, according to data by Tracxn, raised around $2.10 bn in funding between Jan- Oct, compared to $1.70 bn in 2019. Top funds were raised by Postman ($150 mn), Freshworks ($250 mn), High Radius ($125 mn), Pine Labs ($85 mn), Khatabook ($60 mn).
Top SaaS firms, as COVID-19 cases continue to grow, have decided to continue WFH until December. While Chargebee and Freshworks have mandated WFH till the end of 2020, Zoho has not decided a specific date to resume WFO. Tech companies with firm security tools and productivity monitorisation are comfortable with remote working. Kissflow, another SaaS firm has set up Remote plus, a hybrid remote working model where WFO is required only one week a month.
Freshworks Inc announced a strategic partnership with TCS to market ITSM solutions built on top of its cloud to improve end-user and employee engagement. This collaboration will allow Freshworks to leverage TCS’s strong market presence. Freshworks’ strong suite enables business transformation through digitisation within weeks. It helps businesses to get boosted ROI by unifying their marketing, sales, support functions.