An Indian technology sector start-up called Freshworks has become the new entrée to the unicorn club as it raised $100 million in the recent financial round to reach the benchmark of $1.5 billion total valuation of the company.
Freshworks, a Chennai-based company that offers a number of software tools targeting IT Management, CRM as well as sales and customer support has announced that they have raised a total of $100 million funding. The funding are co-led by Sequoia and Accel Partners, with participation from CaptialG and the total valuation of the tech company is worth $1.5 billion. The infusion of a total of nine companies had made Freshworks a fresh new entrée to the unicorn club of India with selling target-oriented software products.
Talking upon the feat, Freshworks CEO Girish Mathrubootham said that since they are a SaaS company, geography will never be a barrier for company expansion. The company is said to be planning to expand in the US, Australia and New Zealand, EMEA, APAC and Europe markets in coming days to make it even bigger company. With all this, the company’s cloud-based customer support platform has leveraged nearly $250 million in investor capital and the current value has budged even more than double with about $700 million.
For the tech start-up, this is a recurring revenue as it started just in 2010 as a single-product company with a goal of offering better and easier customer service software that was better than those that are already available in the market. Within just few years, they scaled to billions and joined the unicorn club of India alongside other major start-ups with more than $100 million benchmark. Certainly, the Chennai-based Freshworks is one of the first pure-play India-based SaaS companies to become a unicorn.