More than 500 employees of this IT company living in India are now 'millionaires'. This way

 Girish Mathrubhumi's Freshworks made its debut on Nasdaq on Wednesday (local time) after a $1 billion IPO.

Software firm FreshWorks made its debut on the Nasdaq stock exchange after a $1 billion initial public offering (IPO) on Wednesday (local time). In doing so, the company, headquartered in San Mateo, California, became the first Indian software as a service (SaaS) enterprise to be listed on the prestigious New York-based stock exchange.

Shares of Freshworks rose 32 percent after raising $1 billion in an IPO offering priced above a marketed range. The IT company's shares were at $47.55 at New York trading closing time on Wednesday, giving it a market value of $13 billion. This resulted in more than 500 of the company's India-based employees becoming "millionaires" (1 crore = 10 million), of whom about 70 were under the age of 30.

Freshworks CEO and co-founder Girish Matrubootham described his debut on the Nasdaq as a "dream come true" on Twitter. He tweeted, “From humble beginnings in Trichy to ringing the bell on Nasdaq for FreshWorks IPO. Thank you to our employees, customers, partners and investors for believing in this dream."

“I am proud and humbled that Freshworks is now doing business on Nasdaq. The journey to get here took 11 years, a lot of hard work and a lot of luck. Thank you to everyone who has come along on this journey with us,” he said .

Founded in 2010 by Mathubootham and Shan Krishnasamy, Freshworks has relocated to Silicon Valley to be closer to its customers. However, it has a substantial workforce in Chennai. Globally, the company has 4,300 employees, of whom about 76 percent hold a stake. The firm, which also has a presence in Bengaluru and Hyderabad, has raised funding from investors such as Accel and Sequoia Capital.

Source by internet.

Created by MOHAMMAD SHOAIB.